According to a report by Jinse Finance, Goldman Sachs stated that it continues to assume that gold will not be subject to tariffs, as there have been no signs of any actual tariffs being imposed since the reciprocal 10% tariff took effect in April. The bank maintains its previous forecast that London spot gold will reach $3,700 per ounce by the end of 2025 and rise to $4,000 per ounce by mid-2026.