Goldman Sachs released a report on May 17, 2026, detailing hidden central bank gold demand. Analysts identified missing sovereign flows within London trade data. These over-the-counter transactions allow central banks to accumulate gold without appearing in official statistics.
The bank adjusted its methodology to track the gap between London vault outflows and UK net exports. This model revised monthly central bank purchase estimates from 29 tonnes to 50 tonnes.
Goldman Sachs argues this sovereign accumulation provides significant structural support for the market. The bank reiterated its year-end gold price target of $5,400 per ounce.