Core Viewpoint - The international gold price has experienced significant fluctuations, with a notable increase of 27% in 2024, marking the largest annual rise in 14 years, followed by a further increase of over 26% in the first half of 2025, yet it has remained stable between $3,300 and $3,400 per ounce since May 20, 2025 [1][3]. Group 1: Current Market Dynamics - The recent stagnation in gold prices is attributed to a tug-of-war between bullish and bearish forces, with factors supporting price increases and those exerting downward pressure [3]. - Geopolitical tensions, global economic uncertainties, and trade negotiations have spurred demand for gold as a safe haven, while a rebound in the dollar and changes in Federal Reserve policy expectations have suppressed prices at certain times [3]. - The market is expected to remain in a range-bound state in the short term due to uncertainties surrounding U.S. tariff negotiations and inflation trends [3]. Group 2: Long-term Outlook - In the medium to long term, gold prices are anticipated to continue rising, driven by a likely interest rate cut by the Federal Reserve in Q4 and ongoing central bank purchases of gold [4]. - The long-term weakening of the dollar's credibility and persistent global economic uncertainties will further enhance gold's appeal as a hedge and store of value [4]. Group 3: Investment Strategies - The World Gold Council emphasizes the importance of maintaining a stable investment psychology and behavior among investors, as many tend to engage in short-term trading despite gold's long-term upward trend [5]. - Incorporating gold into a diversified asset portfolio, referred to as "gold+", can enhance overall resilience and risk management, particularly in times of heightened global uncertainty [5]. - Gold's characteristics, such as lack of sovereign credit risk and low correlation with traditional financial assets, position it as a key factor for constructing a robust long-term investment portfolio [5].