Gold prices approach the $5,000 mark as major banks raise target prices to $5,400

Due to increased demand for hedging, a weaker dollar, and rising expectations for interest rate cuts, gold prices have continued to rise, approaching the $5,000 mark, with a peak of $4,967, a historical high. At the same time, gold-related stocks have also collectively risen. Currently, the gold price is reported at $4,954 per ounce, and silver has also risen to a historical high, reported at $98.7 per ounce. Gold prices have risen over 14% this month. This is mainly due to U.S. President Trump repeatedly criticizing the Federal Reserve, as well as geopolitical influences from Venezuela, Iran, and Greenland, which have led investors to sell sovereign bonds and currencies in favor of safe-haven assets like gold. Additionally, data shows that the U.S. economic growth rate for the third quarter is slightly higher than previously announced preliminary figures, with the revised GDP for the third quarter adjusted from 4.3% to 4.4%. Furthermore, the increase in the number of unemployment claims was also lower than expected. The market anticipates an increased likelihood of interest rate cuts by the Federal Reserve. As gold prices continue to hit new highs, the precious metals sector of the Hong Kong stock market has collectively risen, with China Molybdenum (1208) up over 11%, Chifeng Jilong Gold Mining (6693) up over 7%, Zijin Mining International (2259) up over 4%, Ganfeng Lithium (1772) up nearly 5%, and Shandong Gold (1787) up nearly 3%. Goldman Sachs Says Gold Demand Continues to Increase At the same time, Goldman Sachs has also adjusted its gold price forecast, raising it from $4,900 per ounce to $5,400 per ounce, citing increasing demand from private investors and central banks. The Goldman Sachs report indicates that the risks are "clearly skewed to the upside, and private sector investors may further diversify their investments due to ongoing global policy uncertainty."