Spot gold hit a historical high of $4384.82 per ounce this Monday, and the underlying logic is worth unpacking.

The market is currently digesting several signals. Firstly, there are expectations of interest rate cuts—investors have begun to price in two rate cuts by the US in 2026, which directly enhances the relative attractiveness of zero-yield assets. Secondly, the demand for safe-haven assets continues to heat up, with geopolitical tensions and escalating trade frictions driving up demand for traditional safe-haven assets. Additionally, with the dollar weakening, gold priced in dollars has become cheaper, attracting new buyers.

Central banks are also taking action. The global trend of central banks purchasing continues in waves, and the demand for gold as a foreign exchange reserve has not ceased. These factors combined have led to a cumulative increase of 67% in gold this year, with its performance from the beginning of the year to now almost covering all traditional safe-haven narratives.

For digital asset investors, this phenomenon is actually quite enlightening. When the macro environment is filled with uncertainty, expectations of interest rate cuts emerge, and risk aversion sentiment rises, the market's demand for various hedging tools will increase significantly—whether it's gold or other assets. In this environment, the logic of risk pricing will be readjusted.