Group 1 - The core viewpoint is that DBS Bank remains optimistic about alternative asset investments, particularly in the gold market, setting a target price of $3,765 per ounce for gold in Q4 2024 [1] - Global central banks have significantly increased their gold purchases over the past three years, surpassing the total of the previous decade, yet the proportion of gold in official reserves remains below historical averages [1] - As of July 4, global central banks net purchased 20 tons of gold in May, and China's official gold reserves increased by 70,000 ounces by the end of June [1] Group 2 - The current global trade uncertainty has led to a revision of GDP forecasts, with the Atlanta Fed's prediction shifting from approximately -3% to +3% within three months [2] - DBS Bank has downgraded the rating of developed market government bonds to neutral due to concerns over fiscal outlooks and persistent inflation [2] - In the stock market, DBS Bank is optimistic about European equities and sees investment value in Asian markets (excluding Japan), which have a lower price-to-earnings ratio compared to developed markets [2]