Core Viewpoint - The article discusses the significant factors driving the long-term bullish trend in the gold market over the past decade, highlighting geopolitical risks, changes in dollar credibility, collective central bank purchases, and shifts in asset allocation logic as the main drivers of gold's price surge. Group 1: Geopolitical and Economic Factors - The demand for gold as a safe-haven asset has surged due to increasing geopolitical and economic uncertainties, with events like Brexit, trade wars, and the Russia-Ukraine conflict contributing to gold price spikes [10][12][13] - The global macroeconomic risks and rising inflation expectations have acted as accelerators for gold prices, with significant price movements observed during key geopolitical events [13] Group 2: Dollar Weakness - The weakening of the US dollar has positively impacted gold prices, as a decline in dollar credibility makes gold more attractive to investors holding other currencies [14] - The total US national debt has ballooned from $18 trillion in 2015 to over $38 trillion, undermining confidence in the dollar and contributing to gold's price increase [14][15] Group 3: Central Bank Purchases - Central banks have significantly increased their gold reserves, with gold accounting for 20% of global central bank reserve assets by 2024, surpassing US Treasury bonds for the first time in 30 years by 2025 [16][17] - The annual gold purchases by central banks have exceeded 1,000 tons since 2022, indicating a strong and accelerating demand for gold as a reserve asset [17][18] Group 4: Changing Asset Allocation Logic - There has been a fundamental shift in global asset allocation, with gold emerging as a strategic investment asset rather than merely a decorative item, particularly in the Chinese market [19][20] - The younger demographic is increasingly investing in gold, with a notable rise in gold jewelry ownership among consumers aged 18 to 24, reflecting a shift towards more frequent and smaller-scale investments [20]

Group 1 - The domestic futures market concluded the year 2025 with remarkable performances in precious metals and non-ferrous metals, driven by geopolitical conflicts, Federal Reserve interest rate cuts, and increased global central bank purchases [1] - Shanghai gold and silver led the market with annual gains of 58.17% and 127.8% respectively, while lithium carbonate rebounded nearly 60% this year, and polysilicon rose by 36% [1] - International copper and Shanghai copper increased by 34.5% and 33.1%, respectively, and Shanghai tin rose by 32%, with all but lithium carbonate reaching new annual closing highs since their listings [1] Group 2 - New futures products for platinum and palladium experienced volatile trading, with platinum recording five limit-up days and two limit-down days in December, ultimately closing up 21% and 14% [1] - In contrast, the chemical products market saw a general decline, led by alumina which fell by 42%, while crude oil on the Shanghai Futures Exchange dropped by 22.37% [1] - Other notable declines included ethylene glycol down over 21%, caustic soda down 21.5%, glass down 18.6%, soda ash down 16.11%, asphalt down 18%, and plastic down 21.24% [1]