Core Viewpoint - International gold prices have shown a significant upward trend, with recent price movements indicating strong investor interest and demand for gold as a safe-haven asset [3][4][6]. Group 1: Price Movements - On August 1, the December gold futures price on the New York Commodity Exchange closed at $3,399.80 per ounce, marking a 1.53% increase and reaching a one-week high [3]. - The London spot gold price surged to $3,362.09 on August 2, with a daily increase of 2.25%, the largest single-day gain in six months [3]. - As of August 5, spot gold reached $3,380 per ounce, reflecting a daily increase of 0.19% [6]. Group 2: Demand Dynamics - The demand for gold is supported by three main pillars: central banks, ETFs, and retail investors, creating a balanced demand structure [5]. - In Q2, global gold ETFs saw an inflow of 170.5 tons, compared to an outflow of 7.1 tons in the same period last year, contributing to a total demand of 397.1 tons in the first half of the year, the highest since 2020 [5]. - Young consumers, particularly those from the '90s and '00s generations, are increasingly driving gold jewelry purchases, favoring lighter, more design-oriented products [5]. Group 3: Central Bank Activities - Central banks globally have continued to increase their gold reserves, with a net addition of over 1,000 tons for the third consecutive year, and China's central bank quietly added 44 tons to reach 2,279.6 tons, ranking sixth globally [4][8]. - In Q2 2025, central banks collectively added 166 tons of gold, maintaining a high level of gold purchases despite a slowdown in the pace [8]. Group 4: Future Outlook - The future trajectory of gold prices remains uncertain, influenced by multiple factors including potential interest rate hikes by the Federal Reserve and global economic conditions [7]. - Analysts suggest that while short-term fluctuations may occur, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties and central bank policies favoring gold accumulation [7][9]. - Historical data indicates that in scenarios of dollar depreciation, high inflation, and geopolitical conflicts, gold can yield annual returns of 15%-20% [9].

Group 1 - Gold prices experienced a decline, falling below the $3350 mark to $3342.59 per ounce due to reduced market concerns over the Middle East following a ceasefire agreement between Israel and Iran [1] - International oil prices continued to drop, reaching a two-week low of $64.38 per barrel, down 6% [1] - The market is closely monitoring further developments in the Middle East and the upcoming semi-annual monetary policy report from Federal Reserve Chairman Jerome Powell [1] Group 2 - Federal Reserve Vice Chairman Bowman made dovish comments, suggesting a possible interest rate cut as early as July due to concerns over the labor market, which surprised the market given her previously hawkish stance [3] - Following Bowman's remarks, U.S. Treasury yields fell, with the two-year yield at 3.851% and the ten-year yield at 4.34%, while the dollar index decreased by 0.32% to 98.45 [3] - The market currently sees a 23% chance of a rate cut in July, with probabilities rising to 80% and 92% for September and October, respectively [3] Group 3 - Short-term outlook for gold suggests a potential decline towards the $3300 mark, influenced by the ceasefire agreement and diverging expectations regarding Fed rate cuts [4] - Despite the current bearish sentiment, the long-term trend for gold remains positive due to ongoing global uncertainties, including geopolitical risks and inflation pressures [4] - Institutional investors have begun to increase their gold holdings again, indicating renewed confidence in gold prices, suggesting that current price corrections may present good buying opportunities [4]