Wall Street analysts are still holding firm on their bullish year-end targets for gold bullion — even after gold ended April with a more measured pullback and March's sharp selloff, TheStreet.com reports.

After stabilizing somewhat last month, gold drifted modestly lower in April, ending the month in the mid-$4,500 range.

That leaves prices well below Gold’s late-January peak near $5,600, but still within striking distance of Goldman Sach’s $5,400 year-end target.

Spot gold was unchanged at $4,622.41 per ounce, as of 8 p.m. Thursday, April 30, after rising more than 2% in the previous session.

The investment bank’s message remains consistent: recent price action has not altered the broader trajectory.

Goldman first raised its 2026 year-end forecast to $5,400 from $4,900 in January and has held that level through both the March rout and April’s more gradual decline.

In the bank’s view, the investors who drove gold’s rally are largely still in place. In fact, that stance puts Goldman at the lower end of Wall Street’s outlook.

UBS is targeting $6,200, with a more bullish scenario reaching $7,200. Deutsche Bank sees $6,000, and JPMorgan is at $6,300.

That puts Wall Street's average consensus for gold's average year-end price at $6,220, or a median of $6,300.

Wall Street’s underlying case for gold rests on rising demand.

Goldman analysts point to three sources of allure they believe are durable.

First, central banks, particularly in emerging markets, are expected to continue steady purchases as they diversify reserves away from the U.S. dollar.

Second, at the same time, Western retail investors have been adding to gold exchange-traded funds at a pace that exceeds what would typically be explained by interest rate expectations alone.

Beyond that, persistent concerns about government debt levels and long-term policy credibility are driving allocations into physical gold and related derivatives.

Meanwhile, higher Treasury yields and a firm U.S. dollar have continued to act as headwinds for the precious metal, limiting upside even as geopolitical uncertainty lingers.

Goldman acknowledges that these forces could keep gold under pressure in the short term, particularly if volatility in energy markets or global trade routes feeds into inflation expectations and pushes yields higher.

For investors, Goldman is signaling that while near-term moves may remain uneven — structural buyers underpinning the market will continue to provide support, allowing prices to grind higher over the remainder of the year.