[Goldman Sachs: Western capital flows dominate January precious metals market, gold forecast carries upside risk] According to Deep Tide TechFlow news on February 4, citing Jin10 Data, Goldman Sachs stated that it continues to believe its December 2026 gold price forecast of $5,400 per ounce carries significant upside risk. The bank pointed out that, in terms of timing, most of the price fluctuations in January were driven by Western capital flows rather than speculative behavior. The adjustment in silver prices was noticeably larger, due to the still-tight liquidity conditions in the London market, which amplified two-way price movements. In the silver market, in addition to volatility caused by bullish options structures similar to those in the gold market, the ongoing liquidity tightening in London has added extra factors to extreme price behavior.