Tianfeng Securities: Gold surges above $3600, still has room to rise this year.

Tianfeng Securities released a research report stating that the gold market is not yet over, and there is still room for upward movement within the year. The four main factors that will push up the price of gold are likely to continue to play out this year: firstly, whether the independence of the Federal Reserve can be maintained, with the fourth quarter being a key point. Secondly, the expectation of rate cuts may continue to play out. Thirdly, the uncertainty of tariffs is difficult to resolve, and if IEEPA tariffs are obstructed due to legality, it is expected that the White House may turn to expanding the scope of industry tariffs. Fourthly, the long-term trend of "de-dollarization" continues, with official institutions of various countries increasing their holdings, which will provide underlying support for gold demand. It is predicted that in the macroeconomic background of this year, the demand for gold from the private sector will also remain strong, with gold ETFs maintaining popularity to attract fund inflows, supporting the continued rise in gold prices.