Core Insights - Spot gold has surpassed $3,800 per ounce, setting a new historical high, with a daily increase of over 1% [1] - Year-to-date, spot gold has risen nearly 45% [1] - Spot silver has also seen a daily increase of 2.26%, reaching $47.09 per ounce [1] Market Drivers - The recent strength in gold futures prices is attributed to the anticipation of further monetary easing following the onset of the Federal Reserve's interest rate cut cycle [1] - Increased geopolitical risks have heightened demand for safe-haven assets [1] - There has been a notable increase in global gold ETF holdings, alongside strong domestic consumption demand, creating a synergistic effect [1]