According to the Zhitong Finance APP, Goldman Sachs has released a Research Report, raising its gold price forecast for the end of 2025 to $3,300 per ounce (from the previous $3,100), adjusting the forecast range to $3,250 to $3,520. This reflects unexpected growth in ETF Inflow and sustained strong demand for Gold from central banks. Despite significant uncertainty, the bank estimates that large Asian central bank buyers may continue to rapidly purchase Gold over the next three to six years to reach the bank's estimated potential Gold reserve target range. The bank's base case scenario assumes that speculative Hold Positions normalize from current highs, while the upper limit of the price range reflects continuous tightness in Hold Positions under high uncertainty. Medium-term price risks still lean upward, with the bank demonstrating that in extreme risk scenarios, Gold may exceed $4,200 per ounce by the end of 2025.

The bank reaffirms its trading recommendation for long positions in Gold, but also acknowledges that two potential (though uncertain) events may provide more attractive entry points. First, a peace agreement between Russia and Ukraine could trigger speculative selling, although the bank believes that the agreement is unlikely to significantly alter the tight supply-demand structure, as Russia's gold exports are actually higher than pre-sanction levels, and the freezing of assets by the Russian central bank has set an important precedent that should maintain high demand from central banks. Second, although it is not the bank's base case scenario, a potential sharp sell-off in the stock market could trigger Gold liquidations due to margin requirements. This situation may be short-lived, as Hold Positions will quickly recover under high uncertainty. Meanwhile, the newly approved Gold allocation by Chinese Insurance companies (approximately 280 tons) may set a price floor, and demand may surface when prices decline.