On the morning of January 23rd, the precious metals sector performed very well, especially with gold prices hitting a record high. The related sectors in the A-shares market opened up by 4.56% overall, London spot gold temporarily rose to $4965.4 per ounce, and New York gold futures also followed with a significant increase.

Why are gold prices continuing to rise?

The main reasons include:

1. Geopolitical tensions, seeking safe-haven assets
Although recent disputes over Greenland have not escalated, different statements from various parties keep market concerns about geopolitical risks alive, driving investors to buy gold as a safe haven.
2. Market expectations of Fed rate cuts, weakening dollar
Currently, it is widely predicted that the Federal Reserve may cut interest rates in the second half of 2026, which reduces the opportunity cost of holding gold. Meanwhile, a weaker dollar also makes gold cheaper for international buyers, stimulating demand.
3. Continuous capital inflows, optimistic institutions
Central banks and private investors worldwide are buying gold, and major banks like Goldman Sachs have also raised their gold price forecasts. Some funds are shifting from bonds and other assets into gold, forming a "de-dollarization" trend that further pushes up gold prices.

What is the outlook for the future?

Most institutions believe that the overall trend of gold in 2026 will still be upward, but a large surge like last year is unlikely. The trend may become more stable with fluctuations.

1️⃣ The expected rate cuts by the Federal Reserve will support gold prices, but if the rate cut process is slower than expected or if the US economy performs strongly, gold prices may fluctuate or face short-term pressure.
2️⃣ In 2026, the Fed Chair will face a term renewal, and policy continuity may trigger market concerns or cause phased volatility.
3️⃣ Overall, gold prices in 2026 are more likely to "rise steadily," and conditions for a one-sided large increase are not yet sufficient. Investors should also be aware of correction risks.
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