Goldman Sachs (GS) Stock Near Record Highs as Gold Bets, Labor-Market Warning and UK Expansion Collide

The Goldman Sachs Group, Inc. (NYSE: GS) — News and stock update for November 29, 2025

Goldman Sachs shares are heading into the last month of 2025 trading just shy of record territory, while a flurry of fresh headlines — from a warning on the U.S. jobs market to bold calls for $5,000 gold and a major UK hiring plan — reshapes the story investors are telling about GS stock today.

On Friday, November 28, Goldman Sachs Group, Inc. closed at $826.04, up 1.23% for the day and logging a fifth straight session of gains. The stock finished about 1.8% below its 52‑week high of $841.28, reached earlier this month. Trading volume was below the recent average, but the stock has still climbed roughly 5–6% over the past month and about 35–36% over the last 12 months, comfortably outperforming many peers in the financial sector. ^[1]

At current levels, GS trades at around 16–17 times trailing earnings, with a market capitalization in the mid‑$240 billion range and a beta near 1.4, meaning the shares typically move more than the broader market. ^[2]

Against that backdrop, today’s news flow (November 29, 2025) revolves around four big themes:

1. A Goldman Sachs research note flagging “growing signs of weakness” in the U.S. labor market
2. A new client survey showing institutional investors are increasingly bullish on gold, with many eyeing $5,000 per ounce by 2026 ^[3]
3. A Birmingham expansion that will add 500 UK jobs and support multi‑billion‑pound investments in AI and digital infrastructure ^[4]
4. Fresh ownership shifts in GS stock — including Norges Bank and Scotia Capital increasing positions and a U.S. congresswoman trimming her stake ^[5]

Here’s how those moving pieces fit together for Goldman Sachs stock.

GS Stock Snapshot: Price, Valuation and Dividend in Late 2025

Share price and performance

• Last close (Nov 28, 2025): $826.04, up 1.23% on the day
• Five‑day streak: Friday marked the fifth consecutive gain
• Distance from 52‑week high: about 1.8% below the recent high of $841.28
• 12‑month performance: roughly +35–36%
• 30‑day performance: about +5.5%, according to performance trackers ^[6]

Compared with large U.S. bank peers like Bank of America, Wells Fargo and Morgan Stanley, Goldman’s stock rose solidly on Friday but underperformed some competitors on the day, even as all benefited from a broadly positive session for the S&P 500 and Dow Jones indices. ^[7]

Key valuation metrics (approximate, as of this weekend)

Recent MarketBeat and other data providers show GS with the following profile: ^[8]

• Market cap: around $245 billion
• Trailing P/E: about 16.5–16.8x
• PEG ratio: roughly 1.4x, suggesting valuation in line with expected earnings growth
• 52‑week range:~$439 to ~$841
• Beta: about 1.4, indicating higher volatility than the overall market

Dividend and shareholder returns

Goldman Sachs currently pays a quarterly dividend of $4.00 per share, or $16.00 annually, which works out to a dividend yield near 1.9–2.0% at current prices. ^[9]

The firm has steadily grown its payout:

• The dividend was raised by about one‑third earlier this year, according to earnings‑season coverage. ^[10]
• MarketBeat data indicate 13 consecutive years of dividend increases, with a five‑year average growth rate above 20% per year, underscoring Goldman’s emphasis on returning capital to shareholders. TS2 Tech+1

Dividend payouts remain comfortably covered by earnings: the current dividend represents roughly one‑third of expected full‑year EPS, based on consensus forecasts around $47 per share for 2025. ^[11]

Earnings backdrop

Goldman’s strong share price is anchored in robust recent results. In mid‑October, the bank reported Q3 2025 earnings per share of $12.25, beating the $10.27 consensus estimate by almost $2. Revenue came in around $15.18 billion, up about 19–20% year‑on‑year and comfortably ahead of expectations. ^[12]

Return on common equity for the quarter was about 14.2–14.8%, a level that, while below the most aggressive pre‑pandemic years, still signals a highly profitable franchise in global banking and markets. ^[13]

Goldman Sachs Flags “Growing Signs of Weakness” in the U.S. Job Market

One of the most widely cited Goldman‑related headlines this week is an internal macroeconomic report rather than a stock call:

“There are Growing Signs of Weakness in the US Job Market,” published by Goldman Sachs Research on November 26, 2025. ^[14]

Because the U.S. government shutdown temporarily delayed some official economic releases, Goldman’s economists turned to alternative layoff indicators:

• WARN notices — legally required filings ahead of mass layoffs — have climbed to their highest level since 2016, excluding the extraordinary spike during the early pandemic, according to the firm’s analysis and subsequent media coverage. ^[15]
• Layoff announcements tracked by Challenger, Gray & Christmas have reached levels usually seen only during recessions, with notable cuts in tech, industrial, and consumer sectors. ^[16]
• Goldman’s team notes that weekly jobless claims remain low, but historically those figures lag private layoff trackers by up to two months, implying that official unemployment rates could move higher into winter. ^[17]

Crucially, Goldman does not conclude that artificial intelligence is yet the main cause of these layoffs. The report and follow‑on coverage emphasize that while AI is increasingly mentioned on earnings calls, most companies still cite broader restructuring and cost‑cutting, not direct AI replacement, as drivers of staff reductions. ^[18]

Why this matters for GS stock

For a bank like Goldman Sachs, a softening labor market is a mixed bag:

• Risks:
  • Potential pressure on consumer credit quality and loan demand
  • Slower wealth‑management inflows if households grow cautious
  • Greater scrutiny on corporate balance sheets
• Potential offsets:
  • Rising recession concerns can push central banks toward rate cuts, historically supportive for equities over the medium term
  • More volatility and repositioning typically boost trading, hedging and advisory activity, areas where Goldman is particularly strong

In other words, the same forces that may be flashing late‑cycle caution in the macro data could feed directly into the parts of Goldman’s business that monetize uncertainty.

Institutional Investors Bet on $5,000 Gold — and Goldman Is at the Center

Another major theme shaping GS’s narrative today is gold.

A Goldman Sachs survey of more than 900 institutional investors on its Marquee platform, conducted in mid‑November and reported overnight by Benzinga and others, found: ^[19]

• Over 70% of respondents expect gold prices to rise further over the next 12 months
• About 36% believe gold could surpass $5,000 per troy ounce by the end of 2026

When asked what is driving demand for gold, investors most commonly pointed to:

• Fiscal concerns (large public deficits and debt levels)
• Central‑bank buying of bullion
• Geopolitical risk
• A desire to diversify away from traditional bonds and equities ^[20]

Independent strategists like Ed Yardeni and Jeffrey Gundlach have also floated $5,000 gold scenarios for this decade, reinforcing the sense that the precious metal is back at the core of many institutional asset‑allocation debates. ^[21]

Spot gold is currently trading around $4,200 per ounce, little changed over the past month after a powerful rally earlier this year. ^[22]

Goldman’s own research has been constructive on gold for some time. A late‑September note projected that prices could approach $4,000 by mid‑2026, driven by central‑bank demand and a shift towards easier Federal Reserve policy that could revive ETF inflows. TS2 Tech

Why this matters for Goldman Sachs shareholders

Gold isn’t just a macro talking point for GS:

• The bank earns fees from commodity trading, structured products, and gold‑linked ETFs and notes.
• Increased institutional interest in gold tends to lift volumes in those businesses.
• A broader investor move into “real assets” and hedges often improves demand for the kind of sophisticated derivatives and portfolio‑overlay strategies that Goldman specializes in. TS2 Tech+1

If the gold‑bullish narrative persists — and especially if prices push toward the upper end of these forecasts — Goldman’s commodities and risk‑management franchises could be important earnings levers going into 2026.

Birmingham Expansion: 500 New UK Jobs and a Push Into AI Infrastructure

On the corporate side, Goldman is also in the headlines for its expansion in the UK.

On November 27, the bank confirmed it will expand its office in Birmingham, England, and hire about 500 additional staff, effectively doubling its headcount in the city over the coming years. ^[23]

Key details from local and international coverage:

• The expansion focuses on One Centenary Way, a modern office development where Goldman already leases a large footprint. TS2 Tech+1
• New roles will lean heavily toward technology, engineering, operations and support, deepening Birmingham’s role as a regional hub beyond London. ^[24]
• A Goldman spokesperson said the firm sees “substantial opportunities to deploy capital” into AI and digital infrastructure, with “several billion pounds” ready to be committed to UK projects. ^[25]

Local media and policy commentators have framed the move as a vote of confidence in the UK’s economic and regulatory direction following the latest budget, which avoided new windfall taxes on major banks. TS2 Tech+1

Implications for GS stock

• The expansion underscores Goldman’s push to scale technology and back-office capabilities in cost‑competitive locations.
• It aligns with broader strategic themes: AI, data centers and digital infrastructure are all areas where Goldman sees growing financing demand. ^[26]
• Over time, a larger Birmingham presence could support margins (if lower real-estate and compensation costs) and reinforce Goldman’s ability to win UK and European mandates.

While the hiring plan won’t move earnings overnight, it signals long‑term confidence in the franchise and the UK market — a useful contrast to the labor‑market caution in Goldman’s U.S. macro note.

Ownership Flows: Norges Bank, Scotia Capital and a Congressional Seller

Today also brought news on who owns GS stock.

Norges Bank joins the shareholder list

A MarketBeat summary of recent 13F filings shows that Norges Bank, Norway’s sovereign wealth fund, acquired about 3,020,884 GS shares in the second quarter, a stake worth roughly $2.14 billion and representing around 1% of Goldman Sachs’s outstanding shares. ^[27]

The article highlights the same earnings beat and dividend strength that have underpinned recent share‑price gains, and notes that analysts’ average target price sits around $786, with the stock trading above that level. ^[28]

Scotia Capital boosts its stake

A separate MarketBeat alert today reports that Scotia Capital Inc. increased its Goldman stake by 8.6% in Q2, buying an additional 5,250 shares to reach 66,280 shares valued at around $46.9 million at the end of the period. ^[29]

The same filing recap notes that hedge funds and institutional investors collectively own more than 70% of GS stock — underscoring the bank’s status as a core long‑term holding across professional portfolios. ^[30]

A small but eye‑catching Congressional sale

Balancing those institutional inflows, Rep. Lisa C. McClain (R‑Michigan) disclosed a sale of GS shares in a filing referenced by DefenseWorld today. The congresswoman reported selling between $1,001 and $15,000 worth of Goldman Sachs stock on October 30, as part of a series of trades across multiple companies. ^[31]

The same piece reiterates Goldman’s financial profile — including the 12‑month low and high, leverage ratios and P/E — and confirms that 71%+ of shares are in institutional hands and that Wall Street currently assigns a consensus “Hold” rating with an average price target near $786. ^[32]

For a company of Goldman’s size, a single congressional trade is not material to the investment case, but it does add to ongoing debates over politicians’ access to market‑sensitive information and transparency in trading.

Structured Products: New S&P 500‑Linked Notes Highlight Capital Markets Activity

Beyond equity flows, Goldman continues to manufacture complex products tied to broader market themes.

A recent Form 424B2 filing summarized by StockTitan describes new S&P 500®‑linked notes issued by GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc.: ^[33]

• The notes are scheduled to mature in 2031 and pay no periodic interest.
• At maturity, investors receive 1.5x the S&P 500’s percentage gain if the index finishes above its initial level.
• If the index ends between 70% and 100% of the initial level, investors get their principal back.
• Below 70%, principal is reduced one‑for‑one with the index loss, meaning investors can lose their entire investment.
• Goldman can call the notes early from 2027 onward at par plus a step‑up premium.

These kinds of structured notes are generally aimed at yield‑seeking or tactical investors willing to trade off downside protection and complexity for enhanced upside. For Goldman, they reinforce its role as a leading derivatives and structured‑solutions provider, generating fees and deepening client relationships.

Analyst Outlook: Rich, but Not Euphoric Valuation

Despite the stock’s powerful run, Wall Street’s stance on GS is measured rather than exuberant.

According to MarketBeat and related sources: ^[34]

• The consensus rating on Goldman Sachs is “Hold”.
• Recent tallies show roughly 4 Buy ratings, 16 Hold ratings, and 1 Sell rating.
• The average 12‑month target price clusters around $780–$790, slightly below the current share price.

Recent analyst moves include:

• Evercore ISI raising its target into the low‑$800s with an “outperform” view
• Wells Fargo, Deutsche Bank, RBC, Morgan Stanley, Citigroup and others nudging targets higher into the $765–$855 range, but often pairing those with “equal weight,” “neutral” or “market perform” ratings rather than outright conviction buys. ^[35]

Parallel coverage from Barchart and other platforms notes that Goldman has outperformed the broader market over the past year, but that many analysts see the risk‑reward as more balanced after the recent rally — hence the cautious tone of a Hold‑heavy consensus even as some price targets approach or slightly exceed current levels. ^[36]

What Today’s News Means for GS Stock

Putting the November 29 news together, a few themes stand out for investors following Goldman Sachs:

1. Macro signals are flashing late‑cycle yellow
   Goldman’s own research is one of the louder voices warning that the U.S. labor market is weakening beneath the surface, with mass‑layoff indicators at decade‑high levels (outside pandemic distortions). That raises the odds of slower growth and more policy easing — a backdrop that can hurt credit but fuel trading and advisory revenues. ^[37]
2. Clients are leaning into real‑asset hedges
   The new gold survey shows big investors doubling down on inflation and geopolitical hedges, with a surprising share comfortable with the idea of $5,000 gold by 2026. That trend supports demand for commodities, structured notes and ETF solutions in which Goldman plays a central role. ^[38]
3. The franchise is still investing for growth
   The Birmingham expansion and related UK investment commitments show Goldman is not acting like a firm bracing for retreat, but rather one positioning itself for long‑term demand in AI, digital infrastructure and technology‑enabled finance. ^[39]
4. Valuation is elevated but not extreme
   At roughly 16–17x earnings, a ~2% dividend yield, and a share price near all‑time highs, GS is priced for solid, not heroic, growth. The Hold‑heavy analyst consensus and average targets below the current price suggest that much of the near‑term good news is already reflected in the stock — but not that the story is over. ^[40]
5. Institutional sponsorship remains strong
   New stakes from Norges Bank and larger positions at Scotia Capital underline that big, long‑term investors continue to see Goldman Sachs as a core holding, even as some shorter‑term players and at least one lawmaker have taken profits. ^[41]

FAQs: Goldman Sachs (GS) Stock on November 29, 2025

What is Goldman Sachs’s stock price right now?
Markets are closed this weekend, so the latest available close (Friday, November 28, 2025) is $826.04 per share. ^[42]

Is Goldman Sachs stock a buy, sell or hold today?
Most Wall Street analysts currently rate GS as a “Hold”, with a minority calling it a “Buy” and at least one rating it “Sell”. The average price target sits in the mid‑$700s, modestly below the current trading level. ^[43]

What are the main catalysts to watch next?

• Any follow‑through in U.S. labor‑market data that confirms or contradicts Goldman’s “growing weakness” thesis
• The path of gold prices relative to the bullish $5,000 scenarios now being discussed
• Progress on UK hiring and AI‑infrastructure financing, including deals linked to the Birmingham expansion
• Federal Reserve policy into 2026, which will heavily influence trading conditions and deal‑making

Important note: This article is for informational and news purposes only and does not constitute personalized investment advice or a recommendation to buy or sell any security. Investors should consider their own objectives and risk tolerance or consult a qualified adviser before making investment decisions.

References

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