On January 22, according to Golden Ten Data, Goldman Sachs Group raised its year-end gold price forecast to $5,400 per ounce, citing continued increasing demand from private investors and central banks. Analyst Daan Struyven and others wrote in the report that they raised their target price for December 2026 from the previous $4,900 per ounce, expecting central banks to buy 60 tons of gold per month this year, while ETF gold holdings will continue to expand as the Federal Reserve cuts interest rates. They said central banks "have begun to compete with private sector investors for a limited supply of physical gold through traditional ETF investments." The report said it assumes that diversified investors in the private sector will continue to hold gold, and their purchases can offset global policy risks, driving the upside of price forecasts. These investors will not sell their gold in 2026, which actually raises the starting point of the price prediction. Julia Du, senior commodity strategist at ICBC Standard Bank, believes that gold prices will rise to $7,150 per ounce.