Core Viewpoint - The traditional gold pricing model has become ineffective since 2022, primarily due to large-scale gold purchases by global central banks, which have become the main driver of gold price increases. This shift is attributed to structural cracks in the dollar credit system, rising geopolitical uncertainties, and a long-term trend towards diversification of global reserve assets [1]. Group 1: Traditional Gold Pricing Framework - Traditionally, gold pricing is based on three references: commodity attributes (positively correlated with inflation), currency attributes (negatively correlated with the dollar index), and financial attributes (negatively correlated with real interest rates) [3]. Group 2: Breakdown of Traditional Pricing Framework - Since 2022, the negative correlation between gold prices and real interest rates has been disrupted, with instances of simultaneous fluctuations. This breakdown is due to two main reasons: distorted real interest rates in high inflation environments and the emergence of central bank gold purchases as a dominant force [5][6]. Group 3: Shift in Gold Pricing Model - The gold pricing model is shifting from financial attributes to commodity supply and demand attributes, as the marginal changes in demand, particularly from central banks, are now the key determinants of price [5]. Group 4: Reasons for Central Bank Gold Purchases - Central banks are collectively purchasing gold due to concerns over the potential collapse of the current international monetary system, driven by structural cracks in the dollar credit system, highlighted by the freezing of Russian foreign reserves [6][7]. - The U.S. faces fundamental issues, including a rising debt crisis and political polarization, which undermine confidence in the dollar and drive a shift towards gold [7][8]. Group 5: Geopolitical Risks and Demand for Gold - Increasing geopolitical risks and trade frictions enhance the demand for gold as a safe-haven asset, further elevating its value [10]. Group 6: Future Gold Price Trends - The factors driving gold price increases remain strong and may even strengthen, including the long-term strategic shift of central banks towards gold accumulation, challenges to dollar credit, ongoing geopolitical uncertainties, and the relative weakness of other assets [12][13][15][17]. - Central banks' intentions to increase gold reserves are supported by policy measures, and the current low percentage of gold in global official reserves indicates significant potential for growth [12]. Conclusion - The current gold bull market reflects profound trends of "de-dollarization" and "global re-risking," with central banks as the most critical marginal buyers. The ongoing concerns regarding the dollar's credibility and geopolitical risks suggest that the trend of central bank gold purchases and the upward trajectory of gold prices are likely to continue [18].