Goldman Sachs maintained its forecast for gold to reach $4,900 per ounce by the end of 2026, while saying upside risks remain tilted higher and two-way volatility may increase along the way. The forecast assumes continued strong central bank demand. Goldman Sachs said renewed ETF inflows and elevated bullish options positioning could amplify a rally through dealer hedging, while renewed expectations of Fed rate hikes could trigger hedging unwinds and drive a sharper-than-usual correction.