[Goldman Sachs Lowers Gold Target: Fed Changes the Game, Bull Market Logic Not Over Yet] According to Odaily Planet Daily, Goldman Sachs analysts Lina Thomas and Daan Struyven, in their November 5th report, "Precious Metals Analyst Report: Long-Term Bullish on Gold, But Not Now," lowered their year-end 2026 gold price forecast from $4,650 to $4,150 per ounce, and their year-end 2027 target price from $5,400 to $4,800. This adjustment is significant for a bank that has long supported a structural bull market in gold. However, Goldman Sachs still expects central banks to continue large-scale gold purchases, concerns about the safety of foreign exchange reserves to persist, and the eventual decline in US interest rates to continue supporting gold prices. Stephen Innes, a macro market strategist and foreign exchange and commodities expert in the international financial community, interprets the report as stating that the real change lies in the driving force behind gold's rise: while central banks continue to increase their gold reserves, the Federal Reserve's continued restrictive monetary policy is weakening the purchasing willingness of private investors, especially speculative funds relying on leverage and options trading. The change happening in the gold market is that while central banks may still be buying, leveraged funds are no longer willing to follow them regardless of the costs.