Gold prices fluctuate at high levels, and volatility may rise again in the second half of the year

"Golden relocation," gold ETF inflows in Asia reached a record high in April, and international gold prices once touched USD 3,500 per ounce... In the first half of this year, the gold market experienced several unexpected events, with gold prices rising more than 30%, outperforming most major asset classes. Experts believe that the trend of gold prices in the first half of this year was mainly influenced by the uncertainty brought about by U.S. tariff policies. Additionally, geopolitical risks and the continuous purchasing of gold by central banks in emerging markets have also provided support for the upward movement of gold prices. In the long term, the logic supporting the upward trend of gold prices, such as the restructuring of the global monetary system and macroeconomic cycles, has not fundamentally changed. However, in the second half of this year, it may be difficult for gold prices to replicate the record highs of the first half, and the short- to medium-term trend of gold prices may be more affected by U.S. macroeconomic data. Furthermore, an increase in participating funds may lead to a rise in gold price volatility