On January 3, 2026, the gold market showed signs of rising enthusiasm, reminiscent of the 2023 bull market. The expectation of a repeat of history has attracted widespread market attention. As of that day, the London spot gold price was 4318.56 USD/ounce, the domestic Shanghai Gold T+D price was 972.68 RMB per gram, and branded gold jewelry prices soared to 1345 RMB per gram, with overall prices remaining firm. This trend closely resembles the pattern seen in 2023: starting the year at 1822 USD/ounce, gold prices increased by over 17% throughout the year, surpassing the 2100 USD/ounce mark by year-end; in early 2026, the core logic driving gold prices upward remains unchanged— the Federal Reserve's rate cut cycle has begun, global geopolitical conflicts continue to intensify, safe-haven funds keep flowing into the gold market, and central banks around the world continue their strong gold purchasing trend. The People's Bank of China has increased its gold reserves for 13 consecutive months. Currently, the market is supported by three factors: structural gold demand from central banks, the return of funds to gold ETFs, and private investors, driven by bullish expectations from institutions like Goldman Sachs (which predicts gold could reach 4900 USD/ounce by the end of 2026), are replenishing gold holdings to optimize asset allocation. This mirrors the capital-driven logic of 2023. However, caution is necessary, as history does not simply repeat itself. In 2023, gold prices experienced a significant correction of over 8%. Similarly, 2026 carries risks: the pace of Fed rate cuts may fall short of expectations, and economic data fluctuations could trigger policy adjustments, causing gold prices to oscillate; additionally, the current high gold prices face technical correction pressures from profit-taking. For investors, the profit-making experience of 2023 remains valuable: physical gold allocation should avoid chasing highs and wait for pullback opportunities to buy in batches; positions in investment gold (such as ETFs and futures) should be strictly controlled within 15% of total assets, and dollar-cost averaging is recommended to smooth short-term volatility. Whether the market repeats or not, a prudent allocation strategy and strict risk control discipline are the core confidence to navigate market changes.