Recently, the UBS Wealth Management and Investment Director's Office issued an institutional opinion, summarizing the world stock market, gold and other fields in 2024, and looking forward to macroeconomic development in 2025. UBS said that the global stock market achieved an overall return of 20.7% in 2024, with the S&P 500 index leading the way, with a return of 23%. This is the second year in a row that the index has risen more than 20%. US large-cap stocks recorded their best two years of performance since this century, and the S&P 500 index also rose for the fifth consecutive quarter. The Chinese stock market also recorded its first positive annual return since 2020, with the MSCI China Index returning close to 20%. Benefiting from optimism, the situation in Japan is similar. Although Europe's performance is lagging behind, it still has positive returns. Gold also performed well in 2024, with a return of 27.8%. Massive central bank purchases, heightened geopolitical concerns, and declining US interest rates reduced the opportunity cost of holding this non-interest-bearing asset. If the Federal Reserve cuts interest rates only twice in 2025, this may reduce demand expectations for gold ETFs, and may also contradict expectations of a further rise in gold prices. However, against the backdrop of the strengthening of the US dollar and rising US interest rates, the price of gold has risen sharply in recent years. The reasons include the central bank's diversification of foreign exchange reserves and the increase in investors' demand for hedging tools. In the future, as geopolitical uncertainty continues, these trends will continue to drive demand for gold.

Recently, the UBS Wealth Management and Investment Director's Office issued an institutional opinion, summarizing the world stock market, gold and other fields in 2024, and looking forward to macroeconomic development in 2025. UBS said that the global stock market achieved an overall return of 20.7% in 2024, with the S&P 500 index leading the way, with a return of 23%. This is the second year in a row that the index has risen more than 20%. US large-cap stocks recorded their best two years of performance since this century, and the S&P 500 index also rose for the fifth consecutive quarter. The Chinese stock market also recorded its first positive annual return since 2020, with the MSCI China Index returning close to 20%. Benefiting from optimism, the situation in Japan is similar. Although Europe's performance is lagging behind, it still has positive returns. Gold also performed well in 2024, with a return of 27.8%. Massive central bank purchases, heightened geopolitical concerns, and declining US interest rates reduced the opportunity cost of holding this non-interest-bearing asset. If the Federal Reserve cuts interest rates only twice in 2025, this may reduce demand expectations for gold ETFs, and may also contradict expectations of a further rise in gold prices. However, against the backdrop of the strengthening of the US dollar and rising US interest rates, the price of gold has risen sharply in recent years. The reasons include the central bank's diversification of foreign exchange reserves and the increase in investors' demand for hedging tools. In the future, as geopolitical uncertainty continues, these trends will continue to drive demand for gold.