Looking at the recent performance of gold, there is still quite a bit of support. Central banks are continuously increasing their holdings, and funds flowing into gold ETFs are also steadily rising. Coupled with the environment of rising interest rates and environmental concerns, the appeal of safe-haven assets is indeed increasing.

Analyst Gregorio Gandini has given a clear outlook on gold. Even though gold prices are already at historical highs, geopolitical uncertainties and inflation pressures remain, and these factors will continue to drive up gold demand.

What’s more worth noting is Gandini’s cycle judgment — gold is experiencing a long-term bull market cycle of about 12 years. This rally started after the pandemic, and at this pace, it is expected to continue until around 2030. In other words, from a macro cycle perspective, there is still considerable room for growth in gold.