Goldman Sachs Group stated that it expects gold prices will not reach $3,000 per ounce by the end of this year, pushing this forecast to mid-2026, as the market anticipates that the Federal Reserve will decrease the extent of interest rate cuts. Goldman Sachs Analysts Lina Thomas and Dan Struyven expect that gold prices will reach $2,910 per ounce by the end of the year. Driven by the easing of uncertainty after the USA elections, the liquidity of ETF funds in December last year was weaker than expected, leading to a lower starting pricing point for the new year. Analysts stated: "A decrease in speculative demand and an increase in central bank gold purchases have effectively counterbalanced each other, keeping gold prices within a Range of fluctuations over the past few months. Central bank gold purchases will still be a key driver of long-term gold prices. Looking ahead, we expect the average monthly purchase volume to reach 38 tons by mid-2026."