--- title: "Trump \"TACO\", will gold start a pullback? Goldman Sachs bullish to $5,400!" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/273481471.md" description: "Despite the easing of risk aversion, gold prices still show an upward trend. Trump stated that he would not use force to seize Greenland, alleviating market tensions. Gold prices have increased by 12% cumulatively from the beginning of 2026 to the present. Pepperstone strategists believe that the easing of geopolitical risks may weaken gold, but in the long term, it is still expected to reach $5,000. Goldman Sachs has raised its gold price target from $4,900 to $5,400, expecting gold prices to rise by 12% in 2026" datetime: "2026-01-22T07:47:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273481471.md) - [en](https://longbridge.com/en/news/273481471.md) - [zh-HK](https://longbridge.com/zh-HK/news/273481471.md) --- > 支持的语言: [English](https://longbridge.com/en/news/273481471.md) | [繁體中文](https://longbridge.com/zh-HK/news/273481471.md) # Trump "TACO", will gold start a pullback? Goldman Sachs bullish to $5,400! Investment Insights - Despite the easing of risk aversion sentiment, the upward trend in gold prices is difficult to reverse easily. On January 22, gold prices briefly fell below $4,800 per ounce, but have since turned upward as of the time of this report. In the news, U.S. President Trump stated that he would not use force to seize Greenland, reached a framework agreement with NATO regarding Greenland, and will not impose tariffs on Europe for the time being. This statement was interpreted by the market as another typical "TACO (Trump Always Chickens Out)" moment, quickly alleviating concerns over escalating tensions between the U.S. and Europe, leading to a decrease in market risk aversion sentiment. Since the beginning of 2026, gold prices have cumulatively risen by 12%. \[Source: TradingView; Gold price trend over the past six months\] Will gold's future trend be upward or a correction? Pepperstone strategist Dilin Wu stated that the rapid easing of geopolitical risks has prompted risk-averse funds to flow back into stocks and bonds, which may significantly weaken gold's momentum. Nevertheless, in the long term, gold is still expected to reach $5,000. Morgan Stanley believes that gold has become the biggest challenger to the U.S. dollar. The proportion of gold in the assets held by central banks has risen from about 14% to 25%-28%, and there are no signs of this upward trend slowing down. Risk premiums and hedging behaviors will continue to exert pressure on the U.S. dollar while supporting gold demand. Goldman Sachs has significantly raised its gold price target for this year from the previous $4,900 per ounce to $5,400 per ounce, indicating a further 12% increase in gold prices by 2026. 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