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Core Viewpoint - The global market is experiencing a significant surge in gold prices, with the sentiment reaching a boiling point, as evidenced by a 9.5% increase in the A-share precious metals index and multiple gold-related ETFs hitting their daily limit [1] Price Movement and Predictions - International gold prices have rebounded sharply after a three-day decline in early April, reaching a peak of $3442 per ounce, with a year-to-date increase of nearly 30%. Predictions from major banks suggest potential further increases, with Morgan Stanley's forecast of $3400 already met, and Citigroup's $3500 within reach, while Goldman Sachs anticipates a rise to $4000 [3] Comparative Asset Performance - Gold has emerged as the only major asset class to reach new highs following tariff impacts. A comparative analysis of various assets shows that gold has outperformed others, with a 62% increase over the past year, while other assets like stocks and real estate have seen declines [4] Economic Context and Dollar Weakness - The primary driver behind gold's surge is the weakening of the dollar's credibility, which has enhanced gold's monetary attributes. As concerns grow over U.S. Treasury bonds, gold is increasingly viewed as a substitute reserve currency [4][5] Federal Reserve and Market Sentiment - Federal Reserve Chairman Jerome Powell's comments on economic uncertainty due to tariff policies have heightened market concerns, leading to a decline in risk appetite and further selling of U.S. assets, including the dollar and U.S. stocks [5][6] Historical Context of Dollar Crisis - The current situation can be viewed as the third dollar crisis, with historical precedents dating back to the Bretton Woods system, which established the dollar's role as the central currency linked to gold [7][8][9] Future Outlook for Gold Prices - The expansion of U.S. debt and ongoing central bank gold purchases suggest that gold prices may continue to rise. The current U.S. debt level of $36.2 trillion indicates a potential gold price of $3780 per ounce if historical ratios hold [14][15]