[Goldman Sachs: Maintains $4,900 Gold Price Forecast by End of 2026, Upside Risks Skewed Higher] According to a report by Jinse Finance, on September 12, Goldman Sachs reiterated that its forecast of gold prices reaching $4,900 per ounce by the end of 2026 faces net upside risks, though the path is expected to see increased two-way volatility. Goldman Sachs stated that its fair value forecast of $4,900 per ounce by the end of 2026 assumes continued strong demand from central banks. If ETF investor inflows recover and the currently elevated bullish options positions persist, traders' hedging activities could mechanically amplify the rally, driving gold prices significantly beyond the forecast. Goldman Sachs also noted that if expectations for Federal Reserve rate hikes heat up again, it could trigger traders to unwind hedges, leading to a sharper-than-usual correction in gold prices.