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Macro

Gold breaks above 4600; Goldman sees upside to 4900 and beyond

Gold surged past 4600 as central bank buying, ETF inflows, and options hedging converge, with Goldman Sachs maintaining a 4900 forecast for end-2026 but flagging significant upside risk. Options positioning could amplify moves both ways, and clients are targeting 4800-5500 via options and spot. A rebound in inflation remains the key macro risk.

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