@lunaglimpse
Three forces are behind gold's repeated record highs. First, global central banks continue to increase their gold holdings. Although the growth rate slowed by 21% year-on-year in the second quarter, holdings surpassed US Treasuries in foreign exchange reserves for the first time. Second, market data such as the CME estimate the probability of a September interest rate cut to nearly 90%, and falling real interest rates are weakening the dollar's appeal. Third, conflicts in hotspots such as Ukraine are boosting safe-haven demand, with Bank of America and Goldman Sachs predicting gold prices will reach $4,000. These multiple factors have contributed to the continuous rise in gold prices since the beginning of the year.
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