#数字资产动态追踪 2025 Gold Rush: The King of Safe Havens Maintains Its Throne, While the Crypto Asset Myth Fades

This year, gold has been on fire. The increase is nearly 70% — soaring from $2,650 per ounce at the beginning of the year to a record high of $4,550, with over 50 record breaks along the way. Although it slightly retreated to around $4,400 by year-end, its annual performance outshined other assets by a wide margin.

Why is it so strong? Several factors are at play. The Federal Reserve started cutting interest rates in September, lowering by a total of 75 basis points throughout the year, causing the US dollar index to plummet by 19%. The cost of holding gold instantly decreased. Meanwhile, global central banks net bought 634 tons of gold in the first three quarters, not counting ongoing geopolitical tensions and US debt issues — all supporting the gold price.

On the technical side, the outlook remains solid. The 14-month upward channel remains intact, with prices firmly above the 20-week moving average, and the 200-day moving average forming a strong support level like a gate. Only at year-end did the RSI briefly break above 70, indicating short-term overbought conditions, but it’s not a big concern.

How about cryptocurrencies like Bitcoin? They are highly volatile, and their safe-haven attributes are questionable. Gold is different — when geopolitical risks rise, it tends to rally against the trend; its volatility is much lower than that of cryptocurrencies, making it especially attractive to institutions. Compared to silver and platinum? Their volatility is even more intense. Gold’s stability is truly appealing.

Looking ahead, gold prices in 2026 are likely to continue oscillating upward, with $5,000 per ounce being a key target. Investors should watch out for short-term adjustments caused by potential US economic surprises or inflation rebounds, but from a macro fundamental perspective, the bullish case remains valid. Gold as the preferred safe haven remains hot.

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