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Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including the escalation of the Russia-Ukraine conflict and the continuous increase in gold reserves by the central bank for 15 consecutive months [1] Group 1: Gold Price Movement - Gold prices strengthened significantly, with COMEX gold futures rising by 5.13% to $4988.6 per ounce as of last week's close [1] - In contrast, the gold ETF Huaxia (518850) saw a weekly decline of 6.48%, while the gold stock ETF (159562) dropped by 12.12%, and the non-ferrous metals ETF (516650) fell by 8.28% [1] Group 2: Market Dynamics - Carsten Menke, head of the Swiss Bank's New Century Thinking Research Department, indicated that extreme volatility in gold prices suggests that market trends are currently driven more by capital flows than by fundamentals [1] - Speculative trading in the futures market is playing a more significant role compared to the hedging activities of investors in the physical market [1] Group 3: Demand and Future Outlook - Despite the volatility, the World Gold Council's recent report highlights that physical demand for gold remains robust [1] - By Q4 2025, global gold demand is expected to reach a record high, primarily driven by strong investment demand and ongoing purchases by central banks [1] - The two main pillars supporting the record rise in gold prices remain solid, providing fundamental support for maintaining high gold price levels [1] - Upcoming weeks are anticipated to reveal new price heights as the volatility triggered by recent sell-offs takes time to stabilize [1]