#数字资产生态回暖 Recently, gold, this traditional safe-haven asset, has been making a lot of noise. In mid-December, the spot gold price directly broke through $4,350 per ounce, just a hair away from the all-time high, and gold futures for February next year are also trending upward. Domestically, old brands like Lao Miao Gold and Chow Sang Sang have seen their gold jewelry prices surge past 1,350 yuan per gram, and many investors are commenting that this round of gold market is indeed hot.

Why is gold so resilient? The key is the aggressive buying by central banks. Just in October, global central banks net increased their gold holdings by 53 tons, a month-on-month increase of over 36%, setting a new high for the year. Think about what this means—central banks around the world are using gold to strengthen their asset baskets. Looking into 2025, the number of new all-time highs for gold exceeds 50 times, with a cumulative increase of over 60%, and this number says it all.

Many major institutions are also quite optimistic about gold’s future. The World Gold Council’s logic is that geopolitical and economic uncertainties, along with expectations of interest rate cuts in various countries, will continue to push up gold prices. Goldman Sachs is even more aggressive, setting a target of $4,900 per ounce for 2026, and expects the demand for gold purchases by emerging market central banks to continue. In other words, the momentum of central banks bottom-fishing for gold is unlikely to reverse in the short term.

From an investment perspective, the logic behind the trends of gold and digital assets actually has similarities—they both are influenced by global liquidity and geopolitical risks. When the market is full of uncertainty, the appeal of safe-haven assets increases. Whether it’s traditional gold or digital assets, the core driving force is closely related to macroeconomic changes.