The chief economist of CSC and the research team on macroeconomics and social services business believe in the "Gold 2025 Investment Outlook" that the upward trend of Gold prices has at least two supporting factors: one is the expectation of declining real interest rates, and more importantly, the continuous increase of Gold holdings by central banks of some major economies globally since 2018. If the Federal Reserve's rate cut path narrows, the global demand cycle may remain fragmented, and the strong dollar pattern may also continue, leading to a more delayed recovery in Commodity demand. With the support of safe-haven Bids, Gold may still maintain significant excess returns.