Nicky Shiels：现货黄金年内会涨至3600美元

Core Viewpoint - The trend of de-dollarization is accelerating globally due to U.S. tariff policies, leading to an increase in the value of precious metals as physical assets [2][6]. Group 1: Gold Price Outlook - Gold prices are expected to continue a moderate upward trend, potentially reaching around $3,600 per ounce, with an average price of $3,200 for the year [4]. - The market has recognized $3,000 as a strong support level for gold prices, despite a slowdown in central bank purchases and reduced demand for jewelry [5]. Group 2: Factors Influencing Gold Prices - The weakening of the U.S. dollar and loose fiscal discipline globally are key factors driving the value of precious metals higher [6]. - Institutional investors are increasing their hedging demand against a weaker dollar, with funds likely to flow into the gold market alongside currencies like the euro, Swiss franc, and Japanese yen [6]. Group 3: Impact of U.S. Monetary Policy - The U.S. monetary policy is perceived to resemble that of emerging market countries, which is favorable for the gold market [6]. - Expectations of two interest rate cuts by the Federal Reserve this year are already priced in, and if cuts exceed three, further buying of gold is anticipated [6].