PANews reported on October 7th that, according to Jinshi Data, Goldman Sachs raised its gold price forecast for December 2026 from $4,300 per ounce to $4,900 per ounce. The upward revision was attributed to strong inflows into Western ETFs and the expected continued increase in gold holdings by central banks. Goldman Sachs stated, "We believe the overall risks to our revised gold price forecast remain skewed to the upside. This is because private sector diversification into the relatively small gold market could drive ETF holdings above our interest rate model-based estimates."