Goldman Sachs analysts said surging demand for gold call options is increasing the risk of sharp moves in gold prices. According to Odaily, Lina Thomas and other analysts wrote that higher call option trading volume has created a price-amplifying mechanism for two-way volatility, and they said their forecast for gold to reach $4,900 an ounce by the end of 2026 faces significant upside risk, while the rally also carries greater two-way volatility.