Gold prices surged and then fell back, but institutional sentiment remains bullish. Citigroup has raised its target price to 4,800, and $5,000 is still seen as the medium-term direction. Short-term volatility is increasing—be cautious about chasing gains; a pullback may present a window for positioning. Geopolitical risks and expectations of rate cuts are moving in tandem, and the bullish case for gold remains intact.

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