Analyst: Gold Bull Market Driven by "Non-Speculative" Funds, Gold Price May Rise Significantly Further

Odaily News Analyst Jeremy Boulton stated that gold's astonishing rally continues, hitting a new all-time high of $4,967 per ounce on Friday. Gold long positions once exceeded 300,000 contracts in January 2025 but currently stand at only around 200,000 contracts. Since January 2025, the gold price has risen by over $2,000 per ounce, yet it has not attracted a large number of buyers. Due to the lack of constraints from massive long positions, the gold price may rise significantly further. The current buyers are clearly not speculators, and their holdings are likely more stable than speculative positions. The US dollar weakened during gold's rise, suggesting that demand may stem from countries adjusting their foreign exchange reserve compositions. (Jin10)