Group 1 - The gold market is entering 2026 with strong momentum despite low overall participation, indicating that the current price increase is driven by structural demand rather than short-term speculation [1] - The core driver for the gold price increase from 2024 to 2025 is the uncertainty in policy, which remains a strong support factor as the macroeconomic environment evolves [1][2] - Multiple pressures on the U.S. economy, including high government spending, persistent inflation, and declining real yields, are reinforcing the value of gold as an investment [1][2] Group 2 - The divergence in the gold market in 2025 highlights its sensitivity to macroeconomic variables, particularly the inverse relationship between gold prices and real yields [2] - Structural demand, U.S. economic pressures, and the downtrend in real yields are expected to support the gold market in 2026, likely continuing the previous strong performance [2] - Market sentiment may be influenced by trade and geopolitical risks, which could provide significant long-term upside for gold prices [5]