International News
Bvlgari celebrates the Year of the Horse with a festive collection inspired by courage and renewal
Bvlgari ushers in the Chinese Lunar New Year with a creatively rich celebration that pays tribute to the Year of the Horse, a symbol of courage, freedom, vitality and forward motion. Embracing the spirit of renewal and togetherness, the Roman Maison unveils a series of striking jewellery creations and accessories that reinterpret its iconic codes through festive symbolism and auspicious hues.
At the heart of the collection is a Special Edition Horse Brooch inspired by a heritage design from the 1970s. Crafted in yellow gold, the brooch took over 130 hours of design and 50 hours of meticulous goldsmithing. Set with more than 40 cabochon rubies, pavé diamonds and black onyx inserts, the piece channels the bold energy of the Horse, symbolising strength, success and auspicious new beginnings.
Bvlgari’s signature Serpenti motif also takes on a celebratory expression for the season. The Serpenti Viper features ruby accents symbolising prosperity and good fortune, with hypnotic scales rendered in warm rose gold. The design is expressed through a rose gold necklace with a twisted pendant and a single-coil bangle bracelet, conveying themes of transformation and empowered elegance.
Further enhancing the festive offering, the Serpenti Pallini necklace in rose gold showcases the Maison’s signature soldered gold boules inspired by its 1950s artisanal heritage. The piece is adorned with pavé diamonds and rubies on the head and tail, complemented by striking black onyx eyes.
Exclusively created for Greater China, the limited-edition Bvlgari jewellery set combines yellow and rose gold with carnelian and mother-of-pearl inserts. Illuminating the iconic double logo with a festive touch, the selection includes a chain necklace with a round pendant, a wire bracelet, a single stud earring designed for versatile styling, and a soft rose gold bracelet featuring a reversible flip-disc.
Completing the Lunar New Year story are refined leather accessories, including the heart-shaped Serpenti Cuore 1968 bag reimagined in luminous Light Amethyst calf leather with a sinuous metallic snake handle. The Serpenti Cuoricino also makes its debut as a jewel-like miniature in vibrant Royal Ruby and delicate Dusty Pink calf leather, offering a precious companion for festive celebrations and the year ahead.
International News
Gold Prices On Track To Reach $4,900/oz By End 2026 :Goldman Sachs
Goldman’s $4,900/oz Forecast Assumes Central Bank Demand Averages 50 Tonnes Per Month In 2026 and 40 Tonnes Per Month In 2027
Gold prices are on track to reach $4,900 per ounce by the end of 2026, driven by aggressive central bank purchases—led by undisclosed buying from China—and recovering exchange-traded fund (ETF) demand, Goldman Sachs said in a research note.
The bank maintained its bullish base-case target for bullion while warning that positioning in options markets could amplify price volatility in both directions. Central banks accumulated an estimated 44 tonnes of gold in July, well above the pre-2022 monthly average of 17 tonnes, according to Goldman Sachs’ nowcast model. On a three-month seasonally adjusted basis, central bank buying stood at 91 tonnes per month.
China was the primary driver, with Goldman estimating the People’s Bank of China bought 35 tonnes in July—roughly 75% more than official public disclosures indicated.
To account for unreported sovereign purchases, Goldman’s model tracks physical bullion flows through London’s over-the-counter (OTC) market into custodian vaults. The Bank of England’s central bank holdings alone rose by 63 tonnes in July, exceeding outflows from the Federal Reserve Bank of New York.
Price Risks and Volatility
Goldman’s $4,900/oz forecast assumes central bank demand averages 50 tonnes per month in 2026 and 40 tonnes per month in 2027, alongside steady Federal Reserve policy and a rebound in private ETF inflows.
However, analysts noted that elevated demand for gold call options—used by investors to hedge against macroeconomic and geopolitical risks—creates mechanical upside and downside risks:
Bullish Case: Continued strong ETF inflows combined with existing call option positioning could force options dealers to buy underlying metal to hedge short exposure, pushing prices “well above” $4,900.
Bearish Case: If the Federal Reserve resumes interest rate hikes, unwinding hedge positions and triggering ETF outflows, gold could drop to $4,440/oz by end-2026. Goldman noted that ongoing central bank buying would limit further downside.
Goldman expects the Federal Reserve to remain on hold through 2026 as inflation cools, removing a key interest rate headwind for the non-yielding asset.
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