Spot gold has stabilized at the $4525/ounce level, with an annual increase of over 72%, hitting the 50th new high of the year; futures gold even surged to $4555, and domestic gold jewelry prices broke through 1411 yuan/gram. The ferocity of this rally can be seen from the data.

Looking deeper, there are three forces driving the momentum. The first is the strong expectation of Federal Reserve rate cuts—lower interest rates directly reduce the holding costs of gold, and the depreciation of the US dollar further boosts gold valuation. Institutional investors' ETF holdings continue to increase, forming a defensive line. The second is the instability of geopolitical situations—central banks around the world are increasing their gold reserves, risk aversion sentiment is at its peak, and gold has become the most solid ballast. The third is the upgrade of global asset allocation logic—gold’s properties of anti-inflation and reduced volatility have become standard choices for institutions and individual investors, with continuous buying pushing the market higher.

From a more macro perspective, the repeated breakthroughs of new highs in gold are not isolated events but the result of macro environment and market supply-demand resonance. The resilience of this rally remains strong.