Goldman Sachs stated that it expects gold prices will not reach $3,000/oz by the end of this year, pushing this forecast to mid-2026, as the market anticipates the Federal Reserve will reduce the pace of interest rate cuts. Goldman Sachs analysts Lina Thomas and Dan Struyven expect gold prices to reach $2,910 per ounce by the end of the year. Driven by the easing of uncertainty following the U.S. elections, ETF liquidity in December was weaker than expected, which also led to a lower starting price point for the new year. Analysts said: 'The decline in speculative demand and the increase in central bank gold purchases are two opposing forces that effectively offset each other, keeping gold prices within a range of fluctuations over the past few months. Central bank gold purchases will remain a key driver of long-term gold prices. Looking ahead, we expect the average monthly purchase volume to reach 38 tons by mid-2026.' (Jin Shi)