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Core Viewpoint - The medium to long-term investment value of gold is widely recognized, but short-term pullback risks should not be overlooked [2][3]. Group 1: Market Analysis - According to Huatai Futures, the market's risk pricing has temporarily decreased due to Trump's easing stance on high tariffs and Federal Reserve Chairman Powell, leading to a pullback in gold prices, which are currently in a volatile state [2]. - Galaxy Securities noted that gold prices increased by 29.4% in the first four months of 2025, exceeding expectations, making a pullback reasonable. A short-term adjustment of 5% to 10% is anticipated, with overall volatility expected [2]. - Future observations are needed on whether the U.S. economy will experience stagflation or recession. If stagflation occurs without Fed rate cuts, upward volatility in gold remains likely. Conversely, a recession would lead to a pullback in gold prices alongside other commodities until the Fed initiates rate cuts [2]. Group 2: Future Price Predictions - Some institutions predict short-term volatility in gold prices, but the long-term outlook suggests a continued upward trend. Goldman Sachs forecasts that gold prices will rise to $3,700 per ounce by the end of 2025 and further to $4,000 per ounce by mid-2026 [3]. - The Chief Analyst of Metals and Materials at Minsheng Securities believes that the investment value of gold remains promising, with optimistic price projections over the next ten to twenty years [3].