Gold price forecast: the target of $4,900 to Goldman Sachs remains to be validated

Gold prices hovered around a critical supporting position of $4420, and the market focused on Goldman Sachs ' forecast target of $4,900. Despite heightened geopolitical tensions and the relative weakening of the United States dollar, gold is still under pressure from the Federal Reserve to raise expected interest rates. On Tuesday, the price of spot gold fell by 0.4 per cent, reporting $4428.54 per ounce, and the market projected a rate increase of 66 per cent in September and 89 per cent in December. The analysis indicated that the short-term outlook would be improved if the gold were to hold the line of $4420 and break through the range of $4440-4445. Gold is expected to reach $4,900 by the end of 2026, driven mainly by central bank purchases and the diversification of reserves。