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Is gold turning into a risk asset?

The Economic Daily reported that, as international gold prices swing dramatically at historical highs, gold has transformed from a traditional safe-haven asset into one of the most volatile risk assets globally. At the same time, there is also significant disagreement among international institutions regarding their expectations for gold price trends.

The article notes that there are three reasons why gold is no longer a safe haven: first, trading is extremely crowded. Second, the transmission path of liquidity shocks has changed; when assets fall broadly, investors face margin call pressure, and because gold has excellent liquidity, it instead becomes an asset that is sold off first to raise cash. Third, the pricing logic has undergone a fundamental shift, and gold’s correlation with interest rates has returned to high levels. In short, gold is no longer a safe-haven tool, but risk itself. The support factors for gold prices continuing to rise are gradually loosening, and suppressive forces are gathering into a hidden current. Since international gold prices have previously risen noticeably too far, it is also not ruled out that they may fall too far in the future. In the medium to long term, gold prices can remain stable only at reasonable levels. Changes in international gold prices will inevitably affect domestic gold prices, so strengthening risk awareness is very necessary.$EURCNH $WHEAT $TSLA