Nicky Shiels, head of metals strategy at MKS PAMP SA, said that although the price of gold may suddenly rise to 3,200 US dollars, the resolution of the misalignment of physical gold caused by tariffs, as well as potential structural changes such as reduced risk appetite, reduced participation, and reduced liquidity, are all becoming less and less conducive to the rise in gold prices. She said that her company's forecast for the average price of gold in 2025 remains at 2,750 US dollars, and there is no intention of raising the forecast. “If there's any difference, it's that structural developments over the past few months have strengthened the bearish reasons for gold.” She further pointed out that once the tariff situation becomes clear, the rise in gold may weaken. Bank of America Securities said that if the imposition of tariffs by the US causes the local currency of emerging economies to weaken, central banks in emerging markets may reduce gold purchases.

Nicky Shiels, head of metals strategy at MKS PAMP SA, said that although the price of gold may suddenly rise to 3,200 US dollars, the resolution of the misalignment of physical gold caused by tariffs, as well as potential structural changes such as reduced risk appetite, reduced participation, and reduced liquidity, are all becoming less and less conducive to the rise in gold prices. She said that her company's forecast for the average price of gold in 2025 remains at 2,750 US dollars, and there is no intention of raising the forecast. “If there's any difference, it's that structural developments over the past few months have strengthened the bearish reasons for gold.” She further pointed out that once the tariff situation becomes clear, the rise in gold may weaken. Bank of America Securities said that if the imposition of tariffs by the US causes the local currency of emerging economies to weaken, central banks in emerging markets may reduce gold purchases.