Global markets are currently focused on the final ruling by the highest US authorities on tariff policies. If these controversial tariffs are overturned, various assets and commodities will face revaluation, and gold will inevitably encounter short-term risks. The widening regional price gaps and accelerated inventory flows—these may occur as well. Once trade uncertainties subside, investors might shift towards equities and other risk assets, and with gold prices at historic highs offering profit-taking opportunities, gold may undergo a phased adjustment.

However, from a broader perspective, the support foundation for gold remains intact. Geopolitical risks in 2026 have not truly eased—ongoing Russia-Ukraine tensions, Middle East issues, and internal political divisions in the US all continue to sustain gold’s safe-haven value.

Another important point: under the global "de-dollarization" wave, central banks' gold purchasing spree has not stopped. The People's Bank of China has been increasing its gold holdings for 14 consecutive months, with the monthly gold purchase scale of various countries remaining stable at around 70 tons. This forms a solid foundation for gold prices.

Looking at the Federal Reserve’s rate cut expectations, the easing environment by 2026 is gradually becoming a market consensus, and low interest rates are a long-term positive for gold. Meanwhile, the proportion of gold holdings among US individual investors is far below historical highs, leaving significant room for growth.

Even if tariff policies undergo adjustments, gold remains a favored tool for risk hedging and asset allocation. Major institutions like Goldman Sachs and Morgan Stanley forecast that by the end of 2026, gold prices could break through $4,800–$4,900 per ounce.

Short-term fluctuations are just a detour. The true trend remains—the value of gold in a turbulent world is hard to shake.