What is the capital buying? Not the increase, but certainty

If you observe carefully, you'll notice that gold's upward pace isn't crazy, but steady progress. This indicates that the dominant funds are not short-term speculators but rather medium- to long-term strategic investors.
The main reasons for the current capital entering gold are threefold:
* Stability hedging in an environment of high uncertainty
* Decreased correlation with stocks and bonds
* Long-term defense against fiat currency credit risks
The characteristics of such funds are: they do not pursue the lowest point, nor do they mind short-term corrections; they only care about "whether they are in the right direction." This is also why gold often shows strong support during pullbacks.
From this perspective, a new high isn't "too much of a rise," but rather that the funds haven't bought enough yet. Whether the trend ends depends not on the price but on whether the market sentiment shifts.