Goldman Sachs has slashed its gold price forecast by $500 an ounce to reflect the increased likelihood that the US Federal Reserve will raise rather than cut interest rates this year. The bank had previously set a price target of $5,400/oz. by the end of 2026, citing growing demand for bullion among private-sector investors amid a hot start to the year. At the time, the precious metal was trading at nearly $5,000 and was days away from setting its record high of nearly $5,600/oz.