Market Trends & Drivers - Gold's surge over the last 18 months is attributed to a "perfect storm" of supportive conditions [1] - Institutional demand, inflation concerns, geopolitical risks, and favorable interest rate environments have aligned simultaneously, driving gold prices [1] Asset Role Shift - Gold's role has fundamentally shifted from primarily a dollar hedge to a critical reserve asset for uncertain times [1] Price Performance - This combination of factors has pushed gold to historic highs [1]