Spot gold prices surged again, breaking through $4,632 to hit a new all-time high. The logic behind this rally is actually quite clear: inflation data falling short of expectations combined with tense geopolitical situations have led the market to reassess the pace of rate cuts, causing traditional safe-haven assets like gold to be heavily sought after.

The most interesting part is the correlated reaction of gold mining stocks. Major miners like Newmont, Barrick, AEM, and KGC all collectively turned green, with significant gains. During the pre-market phase, the momentum was even more aggressive, with SBSW soaring nearly 4%. This synchronized movement indicates that market sentiment towards the precious metals sector is genuinely bullish.

Thinking carefully, the current market is essentially a vote of confidence with their feet — neither believing that inflation will subside nor expecting geopolitical risks to be resolved. The only consensus is gold. No matter how macro expectations fluctuate, gold remains the most stable belief. This is probably the most intriguing aspect of this rally.