Group 1 - Morgan Stanley reports that gold prices have surpassed the previously predicted $4,750 per ounce for the second half of 2026, but have not yet peaked, supported by geopolitical risks, central bank strategy shifts, and ETF buying [1] - The bullish scenario suggests a target price of $5,700 per ounce for gold in the second half of 2026, indicating approximately 14% upside from current levels [2] - Central bank gold purchasing behavior underwent a structural change in 2022, with gold becoming a major challenger to the dollar as a reserve asset, leading to simultaneous growth in value and holdings [1] Group 2 - Poland's central bank has adjusted its strategy, abandoning the previous target of 30% gold in reserves and setting an absolute holding target of 700 tons, currently holding 550 tons, indicating continued gold accumulation even at high prices [1] - The geopolitical risk index has been rising since early December 2025, driving inflows into gold, with data showing that for every 100-point increase in the geopolitical risk index, gold prices typically rise by 2.5% [1] - Strong ETF buying momentum has been observed, with net inflows into gold ETFs in 2025 reaching the highest level since 2020, and this trend is expected to continue if the Federal Reserve lowers interest rates in 2026 [1]