Goldman Sachs says central banks appear to have stepped up their gold purchases sharply in November, reinforcing a powerful and ongoing official-sector bid that has been a key pillar of the metal’s bull market. The bank estimates that roughly 64 tonnes of central-bank gold demand occurred in September, and early indicators suggest November buying may have been similarly strong.Goldman notes that the renewed accumulation aligns with a multi-year trend: central banks have been diversifying away from U.S. dollars and boosting strategic reserves amid geopolitical tensions, fiscal uncertainty across major economies, and concerns about long-term inflation dynamics. The bank argues that official-sector buying has now become one of the most reliable structural flows in the gold market.Against this backdrop, and with financial conditions expected to ease into 2026, Goldman maintains a bullish long-term price target of $4,900/oz for spot gold by end-2026. It cites persistent reserve diversification, continued ETF inflows as rate expectations soften, and robust physical demand from Asia as the main drivers. In its view, any temporary volatility driven by macro data is likely to be overshadowed by consistent central-bank buying and tightening supply conditions. This article was written by Eamonn Sheridan at investinglive.com.