According to Jin10, State Street Global Advisors strategists said the structural factors supporting the gold bull market appear to remain intact, citing record government debt, strong physical gold demand from central banks and China's retail market, and rising geopolitical and economic uncertainty. The strategists said higher interest rates could further increase debt-servicing costs in major economies and widen fiscal imbalances. They also said China's domestic gold price premium surged sharply this year, and that consumer gold imports in the first eight months still reached a record 1,141 tons despite higher gold prices. The strategists kept their previous base-case forecast and said gold is expected to reach $4,750 to $5,500 per ounce by the end of the first quarter of 2027.