Gold reaches new highs, not because of sentiment, but because the trend is speaking

Spot gold hits new highs again, and many people's first reaction is "to chase or not," but what the market truly wants to convey is not exuberant emotion, but that the trend is being repeatedly confirmed. In a high-interest-rate environment, gold's continued strength itself indicates that the traditional "interest rate suppression of gold" logic is becoming invalid.
The core reasons behind this are clear:
* Global debt pressures continue to accumulate
* Geopolitical and policy uncertainties are rising
* Real interest rates have not significantly increased
This round of gold price increase is not a one-time surge driven by risk aversion sentiment, but a re-pricing of long-term credit risk. Price highs are just the result, not the cause.
For traders, this is more like the middle to early stage of a trend, rather than the end of sentiment. What truly warrants caution is not the new high, but when the market begins to "everyone is bullish and refuses to see a pullback."#现货黄金再创新高