Analyst Jeremy Boulton stated that gold's astonishing rally continues, hitting a record high of $4,967 per ounce on Friday. Long positions in gold surpassed 300,000 contracts in January 2025, but currently stand at only around 200,000 contracts. Despite a price increase of over $2,000 per ounce since January 2025, it has failed to attract a large number of buyers. Due to the lack of large-scale long positions to restrain this, gold prices may rise significantly further. Current buyers are clearly not speculators, and their positions are likely more stable than speculative positions. The weakening of the US dollar during the gold rally suggests that demand may stem from adjustments to the composition of foreign exchange reserves by various countries. (Jinshi)