Analysts say gold rally is driven by non speculative funds

Analyst Jeremy Boulton said that gold prices hit a historic high of $4967 per ounce on Friday, rising more than $2000 per ounce since January 2025, but did not attract a large number of buyers. Currently, gold long positions are about 200000 lots, a decrease from 300000 lots in January 2025. Boulton pointed out that the current buyers are clearly not speculators, and their positions may be more stable than speculative positions. The gold price may further rise significantly due to the lack of constraints from large-scale long positions. The weakening of the US dollar during the rise of gold suggests that demand may stem from countries adjusting their foreign exchange reserve composition.