Strong central bank and institutional buying continues to drive the rally, with emerging markets diversifying away from the U.S. dollar. Persistent geopolitical tensions, widening fiscal deficits, and low real yields have further strengthened gold’s role as a hedge against instability.

Doubts over policy credibility, especially concerning the Federal Reserve’s independence, have also boosted demand for tangible assets like gold and silver. Despite concerns of overextension, the rally remains supported by consistent long-term demand and minimal holding costs due to low real interest rates.

Technically, gold stays bullish while above $3,910, with potential to move toward $4,200. Its steady climb signals a broader shift in confidence from paper assets to tangible value amid today’s uncertain economic climate.

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