China's continued gold purchases have become the main driving force behind the market's firm gold prices! They have been actively buying gold positions for 14 consecutive months!

Additionally, recently I spent a lot of time carefully reviewing the latest research reports on gold from top investment banks such as Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America, and UBS. To be honest, after so many years, situations like this "high consensus" are quite rare.

The conclusion is: this wave of gold price increase is far from over. And it's not a "possibility," but a "high probability." The target prices given by these institutions are:

· JPMorgan Chase is the most aggressive, directly predicting that by the end of 2026, the gold price will surge to $5,055 per ounce, with long-term targets even reaching $5,400 to $6,000;
· Goldman Sachs is also clear, with a target of $4,900;
· Bank of America simply set it at $5,000;
· UBS is a bit more "restrained," with a 2026 target range of $4,500–$5,000, and an optimistic scenario reaching $5,400;
· Morgan Stanley, usually more cautious, also provided a target of $4,800.

The three main driving forces identified are: US interest rate cuts, US dollar depreciation, and geopolitical tensions!