世界黄金协会杨振海：下半年黄金价格较大概率宽幅震荡

Core Viewpoint - The gold price is expected to experience wide fluctuations in the second half of 2025, but the downside potential is limited. Long-term factors such as dollar credit risk will continue to support a bull market for gold [1]. Group 1: Market Outlook - In the second half of 2025, gold prices are likely to fluctuate widely, with limited downside potential [1]. - The long-term annualized return on gold is approximately 8%, which is comparable to the global nominal GDP growth rate [1]. Group 2: Influencing Factors - Core factors such as dollar credit risk will continue to support the gold bull market in the medium to long term [1]. - The acceleration of gold purchases by global central banks is expected to raise the yield center for gold [1].