Xin Lang Cai Jing·2025-11-04 00:32Core Viewpoint - The report from GF Securities indicates that gold prices are expected to remain volatile in the short term, with geopolitical risks marginally decreasing. Without unexpected positive stimuli, London gold is anticipated to consolidate and fluctuate until the end of the year, with potential for new highs in the first quarter of next year [1] Summary by Relevant Categories - Market Conditions - Current gold price levels are still considered high, and volatility remains significant [1] - Geopolitical risks have shown a marginal decline, which may influence market stability [1] - Future Expectations - London gold is expected to consolidate and fluctuate until the end of the year, with new highs projected for the first quarter of next year [1] - For gold prices to continue rising, two necessary conditions must be met: 1. Implied volatility must decrease to levels seen in August and September 2. There must be new macroeconomic driving factors [1]