Investment Rating - The report indicates a bullish outlook for gold, suggesting that it may correct in the near term but remains in a rally phase [5][6][9]. Core Insights - Gold prices surged to a record high of USD3,500/oz, driven by strong demand from China and concerns over tariffs, particularly between the US and China [3][4]. - The report highlights that the gold market appears overstretched and may need to consolidate, favoring lower prices in the immediate term [9]. - Silver's performance is closely tied to gold, with the gold/silver ratio reaching record highs, although silver fundamentals remain sluggish [10]. Market Focus and Emerging Trends - The report notes a significant shift away from the USD towards gold, with a notable increase in domestic demand for gold in China, as indicated by a USD55/oz spread between onshore and offshore prices [3]. - Investor sentiment was influenced by negative comments from the White House regarding the Federal Reserve, which contributed to fluctuations in gold prices [4][7]. - The potential for a de-escalation in US-China trade tensions could impact gold demand, as positive developments in equity markets may reduce the appetite for gold [8]. Price Movements and Speculative Positions - As of April 15, 2025, speculative positions in gold show a long position of 32.112 million ounces and a net position of 23.19 million ounces, indicating bullish sentiment despite recent price corrections [2]. - The report suggests that any major retracement in gold could undermine silver prices, while platinum group metals (PGMs) may rally on positive trade news [10].