Gold prices rebounded more than 2% on the week as expectations for US-Iran peace talks rose, with institutions remaining bullish on the long-term outlook.

According to BlockBeats, on May 9th, as the Strait of Hormuz blockade continued for over 70 days, rising market expectations for progress in US-Iran negotiations fueled a rapid rebound in gold prices after falling below $4,500/ounce. Spot gold reached a weekly high of $4,764.73/ounce, a cumulative increase of approximately 2.15%. Despite a marginal easing of geopolitical tensions, global funds continued to flow into gold assets. Data from the World Gold Council shows that global physical gold ETFs saw net inflows of $6.6 billion in April, ending a previous outflow trend; Asian gold ETFs have seen net inflows for eight consecutive months. Meanwhile, the People's Bank of China continued to increase its gold holdings by 260,000 ounces in April, marking the 18th consecutive month of increases. Many institutions believe that the long-term support logic for gold remains unchanged. Ray Dalio, founder of Bridgewater Associates, stated that amidst a global cycle of sovereign debt expansion and currency devaluation, gold remains an important wealth reserve tool. Goldman Sachs predicts gold prices could rise to $5,400 per ounce by the end of 2026, while UBS expects them to approach $5,900 per ounce by the end of the year. Bank of America maintains its 12-month target price of $6,000 per ounce. Analysts point out that if the US-Iran conflict further de-escalates, short-term safe-haven demand may weaken, but falling oil prices, increased expectations of further easing by the Federal Reserve, and continued gold purchases by global central banks may still provide medium- to long-term support for gold.