Goldman Sachs Group analysis indicates that despite the gold market's large size, its low allocation in Western investors' portfolios makes gold prices highly sensitive to capital inflows. The bank estimates that for every 0.01 percentage point increase in gold's allocation within US portfolios, the price of gold rises by approximately 1.4%. JPMorgan Chase's May 2025 calculations also confirm the market's high sensitivity: if foreign investors shift 0.5% of their US asset holdings into gold, it could drive an annual increase of about 18% in gold prices. Analysts believe that the gold market's substantial trading volume is primarily composed of high-frequency trading, with limited true liquidity. This makes it difficult to absorb large-scale capital transfers without triggering significant price increases, which in turn constitutes an inherent upward driver for gold prices.