Gold prices surged by 27% in 2024, hitting a record high, thanks to a combination of U.S. monetary easing, rising demand for safe-haven assets, and central banks worldwide continuing to purchase gold. However, since November 2023, the price growth has slowed. This is mainly due to the stronger U.S. dollar following Donald Trump's election and the Fed's shift towards a more cautious approach in cutting rates amidst ongoing inflation concerns. Goldman Sachs has adjusted its gold price forecast, predicting that the slower pace of U.S. monetary policy easing in 2025 will limit demand for gold ETFs. As a result, Goldman now expects the price of gold to reach $2,910 per ounce by the end of 2024, down from its previous projection of $3,000 per ounce. The firm expects gold to reach $3,000 per ounce by mid-2026 as the Fed continues easing. The firm also expects the Fed to cut interest rates by 75 basis points this year, lower than the previously forecast 100 basis points, though this is still more dovish than current market expectations.