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#Complex Reasons for the Current Gold Price Surge# [Observation of Global Economic Trends Amidst Soaring Gold Prices] #Safe-haven Function is a Key Value of Gold# In 2025, gold experienced a historic bull market, with international gold prices rising by over 70% at one point during the year. This surge was both a culmination of years of price increases and a catalyst for the current multiple challenges facing the global economy. Against the backdrop of a profound restructuring of the international order, significant changes in global development confidence, potential risks to the world economic outlook, and subtle reflections of historical cycles are all reflected in the gold price surge. #黄金

Gold prices soared in 2025, experiencing the largest increase since the 1979 oil crisis. Both futures and spot gold prices approached $4,600 per ounce at the end of the year, marking the biggest bull market in decades.

Data analysis shows that the current gold price trend began its upward climb in the second half of 2019, with an annual increase of approximately 18%. Between 2020 and 2023, international gold prices repeatedly broke through $2,000, a period coinciding with the global spread of the COVID-19 pandemic, the impact on the world economy, geopolitical tensions, and the Federal Reserve's quantitative easing. In terms of annual increases, international gold prices rose by over 25% in both 2020 and 2024. Entering 2025, gold prices surged, breaking through $3,000 in March, $4,000 in October, and reaching a new high at the end of the year, approaching $4,600.

Driven by the gold price surge, other precious metal prices also rose sharply. International silver futures prices once broke through $80 per ounce, an increase of approximately 150% within the year. Platinum futures prices soared to a record high, breaking the $2,300 per ounce mark for the first time. Furthermore, copper prices continued to rise throughout the year, with a cumulative increase of nearly 40%, firmly establishing itself at historical highs.

Historically, the surge in gold prices in 2025 reflects strong global risk aversion and weak economic confidence. However, forecasts from multiple international institutions indicate that global economic growth will not slow significantly in 2025 and 2026. Analysts believe that the major risks to the current global economy stem primarily from factors such as the global trade tensions caused by the US-initiated tariff war and geopolitical conflicts.

Multiple Factors Fueling Gold Price Increases

Gold has become a standout investment category in recent years, reflecting not only rising global demand for safe-haven assets but also a declining trend in the credibility of the US dollar.Both official and private investors in various countries regard gold as an important option for hedging risks.