#以太坊行情解读 Why has gold been consistently outperforming the market?

In the past six months, more and more people have been paying attention to gold trends. Since 2025, it has risen by over 50%, and this is not luck but the result of several forces acting simultaneously.

First, let's talk about the Federal Reserve. The interest rate cut cycle that began in September has continued for three consecutive times, with further cuts expected next year. As a result, the dollar has weakened, and U.S. Treasury yields have also declined. Previously, holding gold meant sacrificing bond yields, but now the opportunity cost has significantly decreased, making gold more attractive. Simply put: rate cuts → dollar falls → gold prices rise, forming a complete logical loop.

Even more interesting are the actions of global central banks. In the third quarter of 2025 alone, they net purchased 220 tons of gold. In October, they bought an additional 53 tons, a 36% month-over-month increase. The People's Bank of China has been increasing its holdings for 11 consecutive months, reaching 2,303 tons by the end of September. Emerging markets are accelerating de-dollarization, and gold has become a strategic tool to hedge against currency risk.

Geopolitical tensions are also tightening. The ongoing Russia-Ukraine conflict, worsening Israel-Palestine situation, continued turmoil in the Middle East, coupled with the U.S. debt issues and credit rating downgrades, have significantly reduced global investors' sense of security. The old saying "buy gold in turbulent times" has been validated once again, as funds flood into safe-haven assets.

On the investment side, changes are also happening. In the third quarter, gold ETF inflows hit a record high, with investment demand reaching 537 tons, a 47% year-over-year increase. Physical gold demand, especially in Asia, remains strong, and the supply-demand gap is widening. More institutions and high-net-worth individuals are upgrading gold from a mere safe-haven asset to a core component of asset allocation.

Therefore, the rise in gold is not an accident but the result of the combined effects of the restructuring of the monetary system, rising geopolitical risks, and shifts in investment perception. Under the dual support of ongoing central bank gold purchases and the Federal Reserve's easing policies, the medium-term upside for gold prices has already opened. Short-term corrections might even present good opportunities for strategic positioning.