Core Viewpoint - Gold prices have surged, with spot gold in London surpassing $4800 per ounce, leading to significant increases in gold ETFs [1][2]. Short-term Drivers - The escalation of geopolitical risks and macroeconomic disturbances have heightened demand for gold as a safe-haven asset, making global geopolitical tensions a key catalyst for short-term gold price increases [4]. - Recent U.S. economic data showed a lower-than-expected rebound in the December 2025 CPI, with core CPI rising by 0.2% against a forecast of 0.3%. Additionally, initial jobless claims unexpectedly fell to 198,000, the lowest since late November, which may impact interest rate expectations [4]. Medium to Long-term Support - Global liquidity easing and a trend towards de-dollarization are expected to provide solid support for gold prices. In the past year, nine out of ten G10 countries have lowered interest rates, which is anticipated to continue, reducing the holding costs of gold [5]. - Concerns over U.S. debt and government intervention have led central banks to increase gold reserves, with recent data indicating that global central bank gold holdings have surpassed U.S. Treasury holdings for the first time since 1996. This trend is likely to persist [6]. - The combination of a Federal Reserve rate-cutting cycle, increasing global uncertainties, and de-dollarization trends positions gold as a potential new asset pricing anchor, with Citibank predicting a spot gold price of $5000 per ounce in the next three months [6]. Investment Opportunities - Investors are encouraged to consider gold-related ETFs to capitalize on the entire industry chain. The two core investment vehicles highlighted are: - Gold Fund ETF (518800): Direct investment in physical gold, exempt from value-added tax, providing a convenient tool for ordinary investors to track gold price movements [7]. - Gold Stock ETF (517400): Covers stocks across the entire gold industry, allowing investors to benefit from rising gold prices and industry growth [7].