Goldman Sachs is optimistic about gold, calling it one of the most promising commodities for 2026. Institutional forecasts indicate that gold prices could reach $4,900 per ounce in Q4 of next year—what does this number reflect?

From the central bank perspective, global central banks are "buying up gold." The monthly average gold purchase of 70 tons continues unabated—this is not idle speculation but a strategic reassessment of gold's value amid escalating geopolitical risks and fluctuating dollar confidence. The acceleration of RMB internationalization has once again highlighted the importance of precious metal reserves.

On the investment side? Private capital has not yet entered on a large scale. Gold ETF holdings still have room to grow; data shows that for every 1 basis point increase in holdings, gold prices could rise by 1.4%. What does this leverage mean? Once retail investors follow suit, the market could face a supply shortage.

Of course, Goldman Sachs' warning is also worth noting: there is a risk of adjusting to $4,200 in the first quarter. The game between central bank strategic reserves and capital seeking profits, the interaction of geopolitical conflicts and monetary policies are shaping the next trajectory of the precious metals market. What do you think about this wave of market movement?