According to a CITIC Securities research report from Odaily Planet Daily, gold has been volatile since the end of April. We believe this is due to a complex bull-bear balance created by factors such as tariffs, US fiscal policy, geopolitics, and central bank gold purchases. However, a change in these factors could trigger an upward trend in gold. The expected improvement in tariffs may have temporarily subsided, while the impact on stagflation may just be beginning to manifest. A significant decline in geopolitical risks is unlikely this year. The Federal Reserve may initiate a front-loaded interest rate cut. Global central banks are maintaining a stable gold purchase trend. Under a neutral assumption, our model predicts that the gold price will exceed $3,730 per ounce by the end of the year. (Gold Ten)