According to the Securities Times, on July 3, at the 2025 JD Wealth Gold Investment Strategy Conference held by JD Finance, Yang Zhenhai, head of investment business in China at the World Gold Council, said that the gold price is likely to fluctuate widely in the second half of 2025, but the downward space is limited. In the medium and long term, core factors such as the credit risk of the US dollar will continue to support the gold bull market. The long-term annualized yield of gold is about 8%, which is equivalent to the growth rate of global nominal GDP; in the current context of accelerated gold purchases by global central banks, the central yield of gold is expected to move up.