The gold price has shown significant volatility in 2025, with an overall trend of "rising first, then correcting, and then fluctuating upward": in the unilateral upward phase from January to April, the London spot gold price rose from $3,335 per ounce at the start of the year to an intraday all-time high of $3,500 per ounce on April 22, driven by factors including the weakening of the U.S. Dollar Index, increased demand for gold allocation amid the "de-dollarization" context, and rising safe-haven demand fueled by reciprocal tariff events and global concerns over U.S. debt among capital holders; then it entered a high-level correction phase from April to May, as the gold price needed a period of adjustment to digest gains after hitting a record high, while the easing of geopolitical tensions, the phased stabilization of the U.S. Dollar Index, and the mitigation of reciprocal tariff tensions also created opportunities for the price correction; from May to June, it moved into a low-level recovery phase, with geopolitical events such as the Israel-Iran conflict and the India-Pakistan conflict acting as catalysts, and the pressure from profit-taking in trading easing to allow the gold price to recover; followed by a range-bound fluctuation phase from June to August, during which expectations for U.S. inflation and interest rate cuts fluctuated repeatedly, global risk assets performed well, and with no new catalysts for the "de-dollarization" narrative, the gold price oscillated within a narrow range. In late August, the gold price started to rise again: on August 29, the gold futures price on the New York Mercantile Exchange (NYMEX) reached $3,518.5 per ounce at one point, and London spot gold touched $3,454 per ounce, and on September 6, spot gold broke through the $3,600 per ounce mark strongly, setting a new all-time record. In the long run, many institutions hold an optimistic outlook on the gold price—Morgan Stanley set a target price of $3,800 per ounce for gold in the fourth quarter of 2025, and Goldman Sachs predicted that the gold price would reach $3,700 by the end of 2025 and $4,000 by the middle of 2026.