中信证券：预测年底金价有望超过3730美元/盎司

Core Viewpoint - Since the end of April, gold has been in a volatile market influenced by tariffs, U.S. fiscal policies, geopolitical factors, and central bank gold purchases, but changes in these factors may initiate an upward trend for gold prices [1] Group 1: Market Influences - Tariff expectations are likely to stabilize for the time being, while the impact of stagflation may just be beginning to manifest [1] - The likelihood of a significant decrease in geopolitical risks within the year is low [1] - The Federal Reserve may initiate an early curve rate cut [1] Group 2: Central Bank Actions - The trend of global central banks purchasing gold remains stable [1] Group 3: Price Predictions - Under a neutral assumption, the model predicts that gold prices could exceed $3,730 per ounce by the end of the year [1]