Geopolitical tensions intensify coupled with Japanese debt pressure, leading to continuous inflows of risk-averse capital into the precious metals market. On Wednesday morning, spot gold continued its strong momentum, breaking through the key psychological level of 4800 USD/ounce for the first time, then further advancing, reaching a high of around 4819.75 USD/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 USD/ounce.

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