Deutsche Bank’s latest metal flow report indicates that spot gold fund flows have reached an inflection point, with hedge funds, asset managers, and banks stepping in to buy, replacing the commercial and retail segments that had been consistently reducing their positions. At key price levels, $4,300 serves as the trigger for algorithmic selling, while $4,700 acts as the trigger for futures buying. More importantly, discretionary investors remain underweight in spot, futures, and ETF markets, sug...

① Société Générale recently stated that gold has regained its appeal after the bank reduced its gold positions in the first half of the year; ② The bank indicated that it remains strategically “bullish” on gold, viewing it as a crucial hedge against currency and policy uncertainty; ③ Recently, several investment banks, including Goldman Sachs, Royal Bank of Canada Capital Markets, and UBS Group, have published bullish outlooks on gold.

State Street Global Advisors stated that the market's implied probability of a 25-basis-point rate hike by the Federal Reserve has risen to approximately 67%. A rise in policy rates will increase the opportunity cost of holding non-interest-bearing assets, which may exert downward pressure on gold prices.

① Goldman Sachs Research's latest forecast projects that gold prices will rise to $4,900 per ounce by the end of 2026, driven by robust demand from central banks seeking to diversify their foreign exchange reserves; ② Meanwhile, the firm warns that investors' use of gold derivatives for hedging could exacerbate price volatility.