Yuan Da Xin Xi·2025-06-20 09:15Group 1 - The report highlights that gold prices are significantly influenced by U.S. Treasury yields, particularly the ten-year yield, which typically shows a negative correlation with gold prices. When Treasury yields rise, the opportunity cost of holding gold increases, leading to a decrease in gold prices, and vice versa [1][10][15] - Gold possesses monetary attributes and serves as a reserve currency, exhibiting a substitution effect with the U.S. dollar. Generally, a stronger dollar index attracts funds away from gold, causing gold prices to decline. However, the long-term correlation between the dollar index and gold prices remains strong [1][10][13] Group 2 - Multiple factors are driving the global trend of de-dollarization, including the U.S. government's high deficit and the continuous expansion of national debt, which is projected to exceed $30 trillion by 2025, accounting for over 120% of GDP. This raises concerns about the sustainability of U.S. fiscal policy and undermines confidence in the dollar [2][15][17] - The share of the U.S. in global GDP has been declining, from nearly 40% in 1960 to about 26% in 2023, which weakens the dollar's value support [2][23][26] Group 3 - In the context of de-dollarization, there is an increasing demand for gold from central banks globally. The total global central bank gold reserves are expected to reach 36,250 tons by 2024, reflecting a recovery trend after a slight decline in 2022 [3][31][34] Group 4 - Investment recommendations include companies with advanced technology and resource advantages, specifically Shandong Gold International, Zijin Mining, and Shandong Gold. These companies are well-positioned to benefit from rising gold prices due to their resource-rich portfolios and operational efficiencies [4][36][37][41]