Analyst: The gold bull market is driven by "non-speculative" funds, and gold prices may further rise significantly.

Odaily Planet Daily News reports that analyst Jeremy Boulton states that the astonishing rally in gold continues, with a new all-time high of $4,967 per ounce on Friday. Gold bullish positions in January 2025 once exceeded 300,000 contracts, but are now only about 200,000 contracts. Since January 2025, gold prices have risen over $2,000 per ounce, yet have not attracted a large number of buyers. Due to the lack of constraints from large-scale long positions, gold prices may further surge significantly. Currently, buyers are clearly not speculators, and their holdings may be more stable than speculative positions. The US dollar weakened during the gold rally, suggesting that demand may stem from countries adjusting their foreign exchange reserve compositions. (Jin10)