Since the beginning of this year, international gold prices have been on a strong upward trend, rising by approximately %. On a certain date, international gold prices once again hit a new historical high. As of the close of that day, the December gold futures on the New York Mercantile Exchange rose by $12.9 to close at $2,051.5 per ounce, with a gain of 0.63%.

The relationship between the US dollar and gold is generally negatively correlated – when the dollar strengthens, the price of gold tends to fall, and vice versa. On a certain day, after rising for five consecutive trading days, the US Dollar Index, which measures the dollar against six major currencies, fell by .% on that day, closing at ..

Additionally, analysis points out that the renewed surge in gold prices is related to the increased demand for gold as a safe-haven asset due to ongoing geopolitical uncertainties and the environment of loose monetary policies. Analysts from Bank of America stated in a report released last weekend that global economic uncertainty is a key factor driving the rise in gold prices, making gold the "safe haven" for current funds.

S&P analysts also believe that geopolitical risks and uncertainties about the economic outlook have prompted investors to flock to gold as a risk-hedging tool. In a report from UBS Group over the weekend, it was stated that not only the Federal Reserve but also other central banks around the world are implementing monetary easing policies, creating a favorable environment for gold purchases.

The World Gold Council also pointed out in a report released on the same day that the Federal Reserve's announcement of a 25 basis point rate cut in September has confirmed the beginning of an easing cycle, and gold is expected to benefit in the current environment. The World Gold Council's report also revealed that global gold flows in September showed that physical gold inflows continued for the fifth consecutive month, attracting a total of $1 billion in funds.

Additionally, it is worth noting that despite a significant rise in international gold prices this year, analysis institutions generally remain bullish on their subsequent performance. Bank of America, in the aforementioned report, expects international gold prices to exceed $2,000 per ounce. Citibank similarly predicts that within the next 12 to 18 months, gold prices could climb to $2,000 per ounce. Goldman Sachs has repeatedly raised its forecast for gold prices. In early January, Goldman's analysts predicted that gold prices would rise to $2,000 per ounce by early 2021. Just over a month later, international gold prices reached this level. Currently, Goldman Sachs analysts predict that by early 2021, gold prices will climb to $2,300 per ounce.