Group 1 - The core viewpoint is that the current gold spot market is characterized as a "game for the brave," with medium-term price expectations remaining bullish due to several supporting factors [1] - Central banks of major economies have been continuously increasing their gold reserves since 2018, with 49 countries and regions expected to add approximately 460 tons of gold from January 2024 to March 2025, accounting for 9.2% of global supply [1] - The average proportion of gold in foreign exchange reserves has risen from 8.2% to 9.4%, indicating a growing preference for gold as a reserve asset [1] Group 2 - There is an expectation of declining real interest rates, which is another factor supporting gold prices [1] - Historical trends show that gold prices tend to exhibit a volatile upward trend during trade frictions, with current prices having historically surpassed $3000 per ounce, highlighting gold's value as a safe-haven asset amid global monetary expansion and weak real output [1] - The gold ETF (518800) tracks the gold spot Au99.99 contract and reflects the price changes in the domestic high-purity gold market, serving as a clear indicator of the overall trend and investment value in the gold market [1]