Looking ahead to 2025, the price of gold still has strong upward momentum. In order of importance, it mainly comes from the following three aspects: 1. Expectations of weakening purchasing power of the US dollar. The Federal Reserve's interest rate is currently at its highest level since 2008, and market expectations are that the Fed will continue to cut interest rates in 2025. 2. The safe-haven property may play a role in the breakthrough of gold prices. Military conflicts, political checks and balances, "black swan" events in the financial market, natural disasters, etc. that cause temporary safe-haven sentiment in the market are expected to bring significant short-term pump elasticity to gold prices. Although it is difficult to affect the trend of gold prices, it may play a key role in breaking through the price levels of gold. 3. Excellent assets achieve excellent results. With the continuous evolution of "deglobalization", especially against the background of the United States advocating the enhancement of the status of virtual currencies, the non-substitutability and indispensability of gold assets are expected to be further magnified, and the excellent attributes of gold assets are expected to form a positive feedback loop with gold prices.