Core Viewpoint - Gold prices have surged, with spot gold surpassing $4,100 per ounce, driven by increased global risk aversion and significant ETF fund inflows, with expectations of reaching $5,000 per ounce in the next year [1][3][4] Group 1: Market Trends - The recent rise in gold prices is attributed to a strong increase in global risk aversion and substantial inflows into gold ETFs [1] - Analysts from Societe Generale noted that gold prices reached $4,042 per ounce, just below their Q4 target of $4,318 per ounce, supported by steady central bank gold purchases [1][4] - The speed of inflows into gold ETFs has significantly exceeded previous assumptions, indicating a direct response from investors to rising uncertainties [3] Group 2: Investment Demand - Since 2022, both gold investment demand and central bank purchases have shown strong growth, with an average quarterly inflow of 72.5 tons into the gold market, including 31.5 tons from ETFs [4] - In Q3 of this year, ETF net inflows reached 100 tons, the highest level since 2020, contributing to a $160 per ounce increase in gold prices in September [4] - GTC ZEHUI believes that the extraordinary capital flow reflects a trend of global asset allocation shifting towards gold as a key defensive asset for mainstream institutional investors [4] Group 3: Future Outlook - GTC ZEHUI maintains a bullish long-term outlook on gold, projecting prices to reach $4,217 per ounce by the end of 2025 and $5,000 per ounce by the end of 2026, an upward revision of approximately 14% [4] - The ongoing accumulation of gold by ETFs and central banks provides ample upward price potential, with gold's allocation value likely to become a key beneficiary sector in global asset allocation over the next two years [4]
GTC泽汇：黄金进入结构性上升周期 目标价指向5000美元
Sou Hu Cai Jing·2025-10-14 07:53