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Core Viewpoint - The gold market is currently experiencing fluctuations around the critical price level of $4000 per ounce, with concerns about a potential bubble risk due to irrational price increases, while long-term support is provided by the trend of "de-dollarization" and central bank gold purchases [2][3] Group 1: Current Market Conditions - As of November 7, paper gold is trading around 914.21 yuan per gram, with a slight increase of 0.32%, reaching a high of 916.14 yuan and a low of 907.62 yuan [1] - The overall market sentiment remains optimistic despite a recent price correction from the historical high of $4360 per ounce reached in early October [2] Group 2: Expert Opinions - Jim O'Neill, a prominent economist, warns that the recent surge in gold prices exhibits bubble characteristics, driven by fear of missing out (FOMO), which could lead to price spikes from minor news [2] - O'Neill acknowledges both bullish and bearish arguments for gold, suggesting that the current economic environment does not fully align with gold's traditional role as an inflation hedge [3] Group 3: Long-term Trends - The long-term trajectory of gold prices will depend on the interaction between inflation and interest rate expectations, with potential for strong performance if central banks continue to ease monetary policy amid high inflation [3] - The trend of "de-dollarization" and increased gold holdings by countries like China and Russia is reinforcing gold's status as a global reserve currency [2]