Goldman Sachs has revised its year-end gold price forecast down by $500 per ounce, setting a new target of $4,900/oz. This adjustment comes as the bank no longer anticipates a Federal Reserve rate cut in 2026. Analysts Lina Thomas and Daan Struyven noted that while gold prices are still expected to rise in the latter half of the year, the increase will be less significant than previously projected. The downgrade in outlook is attributed to Goldman Sachs economists delaying their expectations for U.S. rate cuts to June and December of next year, rather than the earlier forecast of December 2026 and March 2027. Additionally, the bank foresees lower inflows into gold ETFs. Despite these adjustments, the analysts maintain a structurally positive view on gold, though they express tactical caution due to near-term downside risks and medium-term upside potential.