Geopolitical tensions intensify coupled with Japanese debt pressure, leading to continuous inflows of safe-haven funds into the precious metals market. On Wednesday morning, spot gold continued its strong momentum, breaking through the key psychological level of $4800 per ounce for the first time, then pushing higher, reaching a high of around $4819.75 per ounce, setting a new all-time high.

The logic behind this upward trend is quite clear—global risk sentiment is weakening, and funds are seeking safe havens. Japanese government bonds are under pressure amid geopolitical tensions, prompting investors to increase their gold holdings. In contrast, spot silver performed relatively weakly, with a clear short-term correction, once falling below $94 per ounce.

From a market structure perspective, the divergence between gold and silver reflects different expectations of risk assets. Gold, with its traditional safe-haven attributes, is favored more, while silver, with its stronger industrial properties, is dragged down by declining risk appetite. The current strong position of gold is unlikely to reverse in the short term.