Goldman Sachs(US:GS) Sou Hu Cai Jing·2025-11-26 07:56Core Viewpoint - Global gold demand reached a record high of 1,313 tons in Q3 2025, driven by various factors including central bank purchases and private investment diversification [2] Group 1: Gold Price Trends - Gold prices have increased by 55% this year due to multiple influencing factors [3] - Goldman Sachs predicts that gold prices could reach $4,900 per ounce by the end of 2026, with potential for further increases if private investors continue diversifying their assets [2] - The Federal Reserve's policies are closely linked to gold prices, with expectations of potential interest rate cuts in December, which could further support gold prices [4] Group 2: Central Bank Activities - Global central banks have continued to increase their gold holdings, with net purchases totaling 634 tons in the first three quarters of 2025, although this is lower than the exceptionally high levels of the past three years [6] - China's gold consumption decreased by 7.95% year-on-year to 682.730 tons in the first three quarters of 2025, contrasting with the global trend of central banks increasing gold reserves [5] Group 3: Market Sentiment and Investment Risks - The volatility in gold prices has led to mixed opinions on its value, with some investors profiting while others have incurred significant losses [7] - Economic experts suggest that ordinary investors may struggle to compete against foreign speculative capital and global central banks in the current market environment, advising caution in gold investments [8] - The complex global political and economic landscape is expected to provide some support for international gold prices, but high volatility is anticipated [10]