The global gold market has ushered in a resonance of multiple positive factors, with a strong upward momentum in prices. The United States’ blockade of Venezuelan oil tankers has triggered geopolitical tensions, significantly enhancing the safe-haven attribute of gold and driving capital to pour into the precious metals market at an accelerated pace. At the same time, the continuous increase in gold purchases by central banks around the world has become a long-term support. Coupled with the loose policy background of the Federal Reserve, private investors have successively increased their positions in gold ETFs, forming a capital synergy.

Under the market linkage effect, silver prices have also hit a new all-time high, with both spot and futures contracts rising sharply. Analysts point out that in addition to safe-haven factors, the surge in silver prices is jointly driven by the skyrocketing demand in industrial fields such as photovoltaic power generation, low global inventories, supply shortages caused by high lease rates, and the explosive growth in investment demand. Goldman Sachs’ latest research report predicts that under the superposition of multiple positive factors, gold prices are expected to rise to an all-time high of $4,900 per ounce by the end of 2026.