Goldman Sachs cuts its year-end gold price forecast by $500 per ounce, revising the December target to $4,900. Multiple outlets report that the change reflects a shift in expectations for Federal Reserve policy, with the bank no longer anticipating rate cuts in 2026. Bloomberg and Financial Post both link the revision to the updated outlook that rates will not be reduced this year, while Cointelegraph characterizes the update as a reduction from Goldman’s prior estimate. Despite the cut, the new target still implies gold is expected to rise from current trading levels. NDTV adds that, although the forecast points to gains in the second half of the year, those gains are expected to be smaller than previously anticipated. Overall, the sources agree that Goldman’s forecast adjustment is driven primarily by the revised assumption about the timing and likelihood of Fed rate cuts, and that it reduces the magnitude of expected gold appreciation rather than changing the direction entirely.