1. Macroeconomic Factors U.S. Tariff Policies: The latest trade policies under President Trump, including increased tariffs on Chinese and European goods, have fueled market uncertainty, pushing investors toward gold as a safe-haven asset. Inflation & Interest Rates: Despite the Federal Reserve maintaining a relatively high interest rate environment, inflation remains persistent, making gold an attractive hedge. 2. Central Bank Demand Central banks, particularly China, India, and Russia, continue to accumulate gold reserves, supporting prices. The People’s Bank of China (PBoC) added approximately 100 tons of gold to its reserves in 2024, reflecting a shift away from U.S. Treasury holdings. 3. Geopolitical Uncertainty Middle East Tensions: Continued conflicts in the region have increased demand for gold. Ukraine-Russia War: Ongoing geopolitical risks have sustained gold's safe-haven appeal. 4. U.S. Dollar & Treasury Yields The U.S. dollar remains strong, but gold has still managed to rise, indicating strong demand. Treasury yields are slightly elevated, but gold’s safe-haven demand is overpowering the impact of higher yields. 5. Industrial & Investment Demand ETFs and Hedge Funds: Gold ETF inflows have surged, indicating strong institutional interest.