Goldman Sachs: Gold Bull Market Pauses, $4,000 as a Solid Bottom

Goldman Sachs' global head of metals trading, Anthony Kim, stated that the adjustment in gold prices since February this year does not signify the end of the bull market, but rather an extended pause. The market's uncertainty regarding the policy stance of the new Federal Reserve Chairman, Jerome Powell, as well as the impact of the Iran conflict on the energy market, have both exerted temporary pressure on gold prices. Goldman Sachs maintains a bullish outlook, believing that the presence of sovereign buyers and institutional funds around the $4,000 mark provides a solid bottom. Anthony Kim suggested that if gold prices approach $4,000 due to data fluctuations before the Federal Reserve's September decision, investors could gradually build long positions. Goldman Sachs previously projected that, driven by continued central bank purchases and other factors, gold prices could rise to $4,900 per ounce by the end of 2026.