Xin Hua Cai Jing·2025-12-02 02:59Core Viewpoint - The report from Huatai Securities indicates that the increasing fragmentation of the global financial and trade systems is driving a long-term demand for diversification of foreign exchange reserves, which is expected to support rising gold prices [1] Group 1: Gold Market Insights - As of June 2025, gold is projected to account for approximately 21.4% of reserve assets [1] - If the proportion of gold in central bank reserves returns to the historical median level of 34%, global central banks may continue to increase their gold holdings until 2035 [1] - The anticipated decline in real interest rates in the U.S. by 2026, coupled with a weakening dollar, is expected to further boost gold prices [1] Group 2: Price Projections - Gold prices are expected to rise to over $4,800 per ounce by 2026 [1] - The economic recovery phase characterized by monetary easing is likely to trigger a convergence in the gold-silver ratio, with silver prices potentially outperforming gold in 2026 [1]