Bernstein lowered the 2030 gold price forecast from 6,100 US dollars to 5,600 US dollars per ounce. The actual interest rate has risen from about 1.7% in early March to about 5,600 US dollars, mainly because the interest rate outlook was significantly tightened compared to the beginning of the year. Despite this, analyst Bob Brackett maintains a long-term bullish judgment on gold, believing that the price of gold may continue to rise in an environment where real interest rates are slowly rising. Bernstein pointed out that overall gold ETF holdings remained flat this year, while gold prices remained resilient in a high interest rate environment. The agency believes that the central bank's continuous purchase of funds is still the most important structural support. The gold allocation ratio of some large reserve holders is still below 10%, and the process of transferring reserves to gold is not over yet. Key risks include a slowdown in central bank capital purchases and weakening safe-haven demand.

Bernstein lowered the 2030 gold price forecast from 6,100 US dollars to 5,600 US dollars per ounce. The actual interest rate has risen from about 1.7% in early March to about 5,600 US dollars, mainly because the interest rate outlook was significantly tightened compared to the beginning of the year. Despite this, analyst Bob Brackett maintains a long-term bullish judgment on gold, believing that the price of gold may continue to rise in an environment where real interest rates are slowly rising. Bernstein pointed out that overall gold ETF holdings remained flat this year, while gold prices remained resilient in a high interest rate environment. The agency believes that the central bank's continuous purchase of funds is still the most important structural support. The gold allocation ratio of some large reserve holders is still below 10%, and the process of transferring reserves to gold is not over yet. Key risks include a slowdown in central bank capital purchases and weakening safe-haven demand.