Core Viewpoint - Standard Chartered's global commodities research head, Suki Cooper, asserts that the recent unprecedented surge in gold prices is supported by strong structural factors rather than excessive speculation [1] Group 1: Market Dynamics - Institutional investors' positions have increased at a slower pace than the rise in gold prices, indicating a lack of over-speculation in the market [1] - The current speculative positions account for only about 26.4% of open contracts, significantly lower than the historical peak of 47.9% [1] Group 2: Driving Factors - The driving forces behind gold prices have shifted from traditional macroeconomic factors to structural drivers, including concerns over monetary policy independence and global trade tariff tensions [1] - Retail investors are actively allocating to safe-haven assets, further supporting gold prices [1] Group 3: Market Sentiment - The implied volatility and risk reversal indicators in the options market are leaning bullish, reflecting investor confidence in future price movements [1]