Goldman Sachs predicts that the price of gold will not reach $3000 this year, due to reduced bets on interest rate cuts.

On January 6th, Jinshi Data reported that Goldman Sachs Group stated that it is expected that the price of gold will not reach $3,000 per ounce by the end of this year, and this forecast has been pushed back to the middle of 2026 due to market expectations that the Federal Reserve will reduce the magnitude of interest rate cuts. Goldman Sachs analysts Lina Thomas and Dan Struven expect the price of gold to reach $2,910 per ounce by the end of the year. Driven by the easing of uncertainty after the US election, ETF fund liquidity in December last year was weaker than expected, which also led to a lower starting point for pricing in the new year. Analysts said, 'The decrease in speculative demand and the increase in central bank gold purchases effectively offset each other, keeping the gold price in a fluctuation range over the past few months. Central bank gold purchases will still be a key driving factor for the long-term gold price. Looking ahead, we expect the average monthly purchase volume to reach 38 tons by the middle of 2026.'