ChainCatcher message, two members of Goldman Sachs' research department stated that gold prices still appear bullish in the context of a long-term strengthening dollar. According to Goldman Sachs' analysis, U.S. policy rates almost entirely drive investor demand for gold ETFs, while the dollar has not played an additional significant role in pricing.A strong dollar is unlikely to prevent central banks from structurally increasing their gold purchases, as such purchases are often made with dollar reserves. Furthermore, the trend of both the dollar and gold prices rising under uncertainty supports their role as portfolio hedging tools. Goldman Sachs' forecast for gold prices by the end of 2025 is $3,000 per ounce. (Jin Shi)