World Gold Council: The relative value of gold has not shown a significant deviation.

Jia Shuchang, Head of Research for the Asia Pacific region at the World Gold Council and Deputy General Manager for Industry Expansion in China, believes that the gold futures market is very active, but there has been no significant change in positions. Investors are more inclined towards physical gold bars and gold ETFs for allocation, which currently reflects more strategic allocation rather than tactical short-term trading. Compared to the MSCI Global Stock Index, gold's relative value has not shown a significant deviation. In comparison to equity markets, the total holdings of gold ETFs and net long positions in futures account for less than 1.5% of global stock market value.