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Gaosheng Research reported that although maintaining the year-end gold price target of $5400 per ounce, gold prices may decline in the short term. Analysis indicates that the long positions in gold and the open interest of call options have been digested by the market, but the price of gold remains fragile. If the situation in the Strait of Hormuz is volatile, bonds or stock markets weaken, and gold may face a new wave of selling. Under the benchmark scenario, Goldman Sachs expects that the private sector will not further net sell gold. (Dongxin Society)