On January 26, the international gold price broke through 5,000 US dollars,due to the combined effect of multiple factors.
Tense global geopolitics has boosted the global safe-haven demand.
Disputes between the US and Europe and regional conflicts have made gold a “safe haven” for capital.
Central banks worldwide have started a gold-buying spree.

With de-dollarization, gold has become a cornerstone for reserve.

Strong expectations of the Fed’s interest rate cut have weakened the dollar’s credit.

Together with the inflow of speculative capital, all these factors have pushed the gold price to a new historical high.

1月26日，国际金价突破 5000 美元，原因是多重因素共振。全球地缘政治紧张推升全球避险需求，美欧争端、区域冲突让黄金成资金 “避风港”；全球央行开启购金潮，去美元化下黄金成储备压舱石；美联储降息预期强烈，美元信用弱化，叠加投机资金涌入，共同助推金价刷新历史。

combined effect 综合效应，共同作用
geopolitical tension 地缘政治紧张
safe-haven demand 避险需求
regional conflicts 区域冲突
safe haven for capital 资金避风港
gold-buying spree 购金潮
dollar’s credit 美元信用
de-dollarization 去美元化
cornerstone 压舱石
speculative capital 投机资金