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Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including the escalation of the Russia-Ukraine conflict and the continuous increase in gold reserves by the central bank for 15 consecutive months [1] Group 1: Market Performance - As of last week's close, COMEX gold futures rose by 5.13% to $4988.6 per ounce [1] - The China gold ETF (518850) experienced a weekly decline of 6.48%, while the gold stock ETF (159562) fell by 12.12%, and the non-ferrous metals ETF (516650) dropped by 8.28% [1] Group 2: Market Dynamics - Carsten Menke, head of the Swiss Bank's New Century Thinking Research Department, indicated that extreme fluctuations in gold prices suggest that market trends are currently driven more by capital flows than by fundamentals [1] - Speculative trading in the futures market is playing a more significant role than safe-haven investments in the physical market [1] Group 3: Demand and Future Outlook - According to a recent report from the World Gold Council, physical demand for gold remains robust, with global gold demand expected to reach a record high by Q4 2025, driven primarily by strong investment demand and ongoing central bank purchases [1] - The two main pillars supporting the record rise in gold prices remain solid, providing fundamental support for maintaining high gold prices [1] - Upcoming weeks are expected to reveal new price heights as the volatility triggered by recent sell-offs takes time to stabilize [1]