The escalation of the dispute between the US and Europe over Greenland, turmoil in the Middle East, and the ongoing Russia-Ukraine conflict have heightened geopolitical risks, boosting risk aversion. The Federal Reserve's rate cut expectations have strengthened, while the US dollar's credibility has weakened due to high US debt and weaponization abuse. Coupled with continuous gold purchases by global central banks and the acceleration of de-dollarization, these factors collectively support the rise of gold prices. This is a structural driver, not a short-term pulse, making gold prices more likely to rise than fall.