Gold continues to reach new highs, but what is truly rising is not the price itself, but "uncertainty."

Spot gold hits new highs again, and many investors' first reaction is "it's too expensive, I dare not chase," but the market rarely pushes an asset to a record high without reason. In fact, behind gold prices, what is truly amplified is not the metal itself, but the ongoing increase in global systemic uncertainty.

The world is currently in a phase of "old order loosening, new order not yet established." Repeated monetary policy adjustments, normalized fiscal expansion, and geopolitical fragmentation collectively weaken the stability of traditional risk pricing models. In this environment, the market tends to pay a premium for "certainty assets," and gold is a prime example.

Unlike previous cycles, this round of gold rally is not driven by a single event but is the result of long-term logical accumulation. Central bank gold purchases are particularly crucial. Many central banks have been increasing their gold holdings for consecutive years, indicating that official reserves are actively reducing dependence on a single currency system. Once this trend forms, it is highly sustainable.

From a technical perspective, gold has repeatedly tested key moving averages and quickly rebounded, indicating strong buying support below and that the trend has not been broken. High prices do not necessarily mean high risk; prices far removed from fundamentals are the real risks.

Therefore, the continuous new highs in gold more reflect the rising global risk premium. It is not "the result of market panic," but an early pricing of future uncertainties. #现货黄金再创新高