The underlying logic of gold's long-term upward trend remains unshaken, and the medium- to long-term upward trajectory is clear. Global de-dollarization continues to advance, with central banks steadily increasing their gold holdings, providing sustained physical support. The U.S. debt remains high, the creditworthiness of the dollar is gradually weakening, and gold, as a sovereign-credit-free hard asset, continues to highlight its value as a hedge against fiat currency depreciation. Coupled with the normalization of global geopolitical conflicts, gold's demand as a safe haven persists. Short-term interest rate fluctuations only cause temporary pullbacks and cannot reverse the structural bullish foundation. Over a longer horizon, the triple logic of monetary dilution, reserve rebalancing, and safe-haven preservation resonates, making gold's medium- to long-term allocation value still prominent.#黄金布局 #黄金行情