券商中国·2025-06-19 10:08Core Viewpoint - The article discusses the significant divergence in gold price predictions among major international investment banks, highlighting a potential price difference of up to $1,000 per ounce by the end of the year [2][5]. Group 1: Gold Price Predictions - UBS Wealth Management maintains a bullish outlook, predicting gold prices to reach $3,500 per ounce by the end of the year, citing a strong increase in central bank gold purchases [3]. - Citigroup, on the other hand, has a bearish stance, forecasting gold prices to drop below $3,000 per ounce in the coming quarters, with a potential decline to $2,500-$2,700 by mid-2026 [4][7]. - Goldman Sachs predicts gold prices will rise to $3,700 per ounce by the end of 2025 and reach $4,000 by mid-2026, indicating a $700 price difference with Citigroup's forecast [6][7]. Group 2: Central Bank Behavior - Central banks have been increasing their gold reserves significantly, with over 1,000 tons added annually in the past three years, double the average growth rate of the previous decade [3]. - A recent survey by the World Gold Council indicates that 95% of central banks expect to increase their gold reserves in the next 12 months, reflecting ongoing strong demand for gold [3]. Group 3: Market Dynamics and Investment Products - The article notes that gold has been one of the best-performing asset classes this year, with a year-to-date increase of approximately 30% [10]. - Various structured financial products linked to gold have been successfully launched, with many achieving high returns, indicating strong market interest [11][16]. - Investment firms are increasingly offering products that combine fixed-income assets with gold exposure, catering to investors seeking to benefit from gold price movements while managing risk [15].