The main drivers of the upward trend are macroeconomic factors and safe-haven demand:

① Federal Reserve rate cut expectations: The market anticipates the Federal Reserve will continue to cut rates in 2026, and the low-interest-rate environment reduces the opportunity cost of holding interest-free assets like gold.
② Geopolitical risks: Tensions in various parts of the world have boosted gold's safe-haven demand.
③ US dollar credit concerns: Discussions about the dollar's dominant position have prompted some funds to shift into gold.
④ Central bank gold purchases: Purchases by central banks (such as Poland and Brazil) have provided solid support for gold prices.
Potential risks: Short-term technical selling pressures like "index rebalancing" exist in the market; excessively high prices could also trigger policy attention. Additionally, increased margin requirements for trading may intensify short-term volatility.
In summary, while the long-term bullish logic for precious metals remains unchanged, short-term risks are accumulating. When making decisions, investors should focus more on their own investment goals and risk tolerance rather than simply chasing prices.