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Since the beginning of the year, international gold prices have been on a "soaring" trajectory. As the year progressed, the price of gold continued its exceptionally strong upward trend. On a specific date, the international gold price once again set a new historical high at closing. On that day, the most actively traded gold futures contract for a certain month on the New York Mercantile Exchange saw a significant increase, closing at $XX per ounce, marking a rise of X%.

The rise in market risk aversion is a significant factor driving the recent increase in gold prices. On the same day, U.S. President Trump's announcement of imposing tariffs on Mexico and Canada heightened investors' demand for safe-haven assets. Amid the complex and volatile global economic and geopolitical landscape, investors widely regard gold as a safe-haven asset, leading to increased investment in gold and robust demand in the gold market.

Additionally, the weakening of the US dollar has also supported the rise in gold prices to some extent. The latest US Dallas Fed Manufacturing Index for the month has fallen into the contraction zone, reflecting the sluggishness of US manufacturing and business activities, which has shaken market confidence in the US economic outlook and impacted the decline of the dollar. On the day, the US Dollar Index, which measures the dollar against a basket of six major currencies, opened lower and even fell to a new low in two and a half months during the session, hovering nearby. It is reported that the US dollar and gold prices usually have an inverse relationship; a weaker dollar makes gold priced in dollars cheaper for holders of other currencies, thereby attracting more investors to buy gold and providing support for the rise in gold prices.

Looking ahead, multiple analysis institutions generally believe that gold prices will continue to rise in the coming weeks, months, or even longer. Citibank's latest forecast predicts that international gold prices will reach $ per ounce within the next three months and has raised the average target price for gold this year to $ per ounce. Previously, Citibank had expected international gold prices to climb to $ per ounce by the end of the year. Goldman Sachs holds a similar view, suggesting that as long as market uncertainties persist and investor demand for safe-haven assets increases, gold prices may continue to rise. Last week, Goldman Sachs raised its forecast for international gold prices for the year, increasing the year-end target price from $ per ounce to $ per ounce.

Text/Zhang Bo

Editor/Sun Nan

Review/He Xiaoxi

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