(Reuters) -Central banks likely bought large amounts of gold in November in a multi-year trend to diversify reserves to hedge geopolitical and financial risks, Goldman Sachs said on Monday.

The Wall Street firm estimated purchases of 64 tonnes for September, up from 21 tonnes in August.

Goldman reiterated in a note that gold prices will reach $4,900 by the end of 2026, with further gains likely if private investors continue diversifying their portfolios.

Spot gold fetched about $4,068 per ounce on Monday. Prices have gained 55% so far this year, driven by economic and geopolitical concerns, rising exchange-traded fund inflows, and expectations of further U.S. interest rate cuts. [GOL/]

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Richard Chang)

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