Record-breaking surge in gold prices: Who is the driving force behind it?

On Monday, the price of gold reached a record high of $3728 per ounce, continuing its doubling trend since the end of 2022. Institutions pointed out that the gold price is influenced by multiple factors, and demand is expected to remain strong for some time. The main driving factors include central bank gold purchases, strong investment demand shown by inflows into physical gold exchange-traded funds, US President Trump's reversal of Western security policy, his initiation of a trade war, and market concerns about the independence of the Federal Reserve.