Gold and tech could win in 2026, Goldman survey finds

Zoom out: Gold has surged to record highs this year, fueled largely by aggressive central bank buying.

• Nearly 70% of Goldman's investors expect prices to rise further by the end of 2026.
• The biggest chunk, 36%, see gold topping $5,000 a troy ounce by the end of next year. (It's currently trading around $4,200).
• Survey respondents said that they expected continued central bank demand (38%) and fiscal worries (27%) would drive gold's gains next year.

What about stocks? Despite a choppy year for tech, investors still see it as the sector to beat.

• 44% say they expect tech, media, and telecom stocks to outperform in 2026. Investors were most bullish about this sector.
• The least favored sector is consumer stocks.
• Given that, the biggest risks to equities are an "AI downshift," and slower economic growth, according to the results.

The bottom line: Investors see more of the same trends that drove 2025 continuing next year, with AI dominating and central banks continuing to diversify their holdings amid a global rate cutting cycle.