In 2025, the asset class with the most impressive rise.

Gold has plummeted nearly 10% from a high position, falling from $4400 to $3900 in just a few days.
There may be several reasons behind the sudden "cooling off" of gold prices:
Risk aversion cools down - expectations of "black swan" events such as China-U.S. relations and geopolitical risks ease, leading to a shift in funding styles, and gold faces some sell-offs.
The dollar index rebounded, real interest rates rose - the dollar strengthened, US Treasury yields increased, and the appeal of non-yielding assets like gold decreased.
Positive news has been realized, and profits have been locked in—gold has already risen over 50% in 2025, with excessive gains and high heat, investors choose to "cash out for safety," exacerbating the high-level correction.
Although gold has the property of being a "safe haven", it is not an asset that only rises.