Iran increases its holdings of gold in response to the international situation
In addition to the destructive trade policies that the Trump administration may implement, global geopolitical tensions have also become a catalyst for the rise in gold prices.
In recent months, Iran has claimed to have converted a large amount of foreign exchange reserves into gold. As of January 19th, Iran has imported at least 81 metric tons of gold. According to the country's General Administration of Customs, the value of this import volume has increased by over 300% year-on-year, while the weight has increased by 234%.
Iran's central bank governor Mohammad Reza Farzin stated in December last year that 20% of the country's foreign exchange reserves have been converted into gold, and Iran's gold to foreign exchange reserve ratio ranks among the highest in the world.
In the face of potential international sanctions and diplomatic pressure, the Iranian government regards gold as an important tool for protecting national wealth.
Bloomberg pointed out that Iran's strategy reflects a common trend among many emerging market countries - converting the US dollar to gold to reduce risk during periods of geopolitical instability.
And if this trend spreads to other countries, it may further drive up gold demand.
Major financial institutions have raised their gold price forecasts one after another
At present, major financial institutions have begun to significantly increase their gold price forecasts.
Macquarie Group released a report this week, predicting that gold prices will soar to $3500 per ounce in the second quarter, far higher than the current $2986 per ounce. Meanwhile, BNP Paribas also expects the average price of gold to be much higher than $3000 per ounce in the future.
Market analysts point out that if the United States implements more trade barriers and protectionist measures, global economic uncertainty will further increase, continuing to drive demand for safe haven assets.
Gundlach, known as the "new bond king," recently reiterated his optimism about gold and predicted that the price of gold is expected to soar to $4000. He believes that the current financial system seems to be in turmoil, and the trend of global central banks increasing their holdings of gold will not change.
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