Goldman Sachs analysts said in the report that demand for bullish gold options has surged, increasing the risk of sharp fluctuations in gold prices. Analysts such as Lina Thomas wrote in the report that the increase in the volume of gold call options has formed a “two-way price amplification mechanism” for gold prices. “Therefore, we still believe that the forecast for gold to reach $4,900 per ounce by the end of 2026 faces significant upward risks, but there is also greater two-way fluctuation in the gold price increase.”

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