黄金走高——这仅仅是避险情绪，还是有更深层的原因？

I think it's a mix of both. Geopolitical risk is definitely a factor, but the inflation hedge narrative is gaining traction with the Fed's pivot uncertainty.

Is anyone considering the central bank buying? That's been a significant tailwind for gold prices in the past year or so.

The Fed's communication has been a mess, so it makes sense that investors are seeking clarity and stability elsewhere. Gold often fits that bill.

Maybe it's not just risk-off, but a lack of better alternatives. Where else are you going to put your money right now with equities looking shaky?

I'm leaning towards inflation hedging. People are getting tired of the 'transitory' narrative and looking for real assets.