Institutional investors across global markets are increasingly bullish on gold and technology stocks as they prepare for 2026, according to a recent Goldman Sachs poll of more than 900 clients conducted between November 12-14. The survey highlights a clear shift toward safe-haven assets and high-growth sectors amid concerns around fiscal risks and the future of artificial intelligence.
Gold: Record Highs and Strong Expectations for 2026
Gold prices have reached all-time highs this year, supported mainly by aggressive buying from central banks. As of December 3, gold traded at $4,208 per troy ounce.
Almost 70% of institutional investors surveyed expect gold prices to rise further by the end of 2026. Notably, the single largest group 36% believes gold could climb above $5,000 per troy ounce by the end of next year.
When asked about key drivers for gold prices in 2026:
- 38% cited strong central bank buying
- 27% pointed to rising fiscal concerns worldwide
Equities: Tech Sector Still the Favorite for 2026
Despite market volatility, institutional investors remain confident about the technology, media, and telecommunications (TMT) sector. Around 44% of respondents expect tech stocks to outperform all other sectors in 2026.
Conversely, investors are the least bullish on consumer stocks, reflecting concerns about weakening demand in several major economies.
On the risk side, respondents identified the following major threats to equity markets:
- AI downshift – the biggest risk
- Slowing global economic growth – the second biggest risk
Interest Rates: Two Fed Cuts Expected in First Half of 2026
Most investors expect the US Federal Reserve to deliver at least two rate cuts during the first half of 2026. Roughly 34% of respondents believe the Fed funds rate will settle in the 3-3.25% range by the end of 2026, compared with the current 3.75-4% range.
What This Means for Markets
The survey results show a clear trend: global investors are positioning for a mix of uncertainty and opportunity. Gold remains the preferred hedge against fiscal stress, while technology continues to drive long-term growth expectations. At the same time, expectations of lower US interest rates could support liquidity and risk-taking in the first half of 2026.
