The robust rise and sharp fluctuations in gold prices are not only a market reaction to short-term uncertainties and a weaker U.S. dollar, but also a medium- to long-term signal of the structural decline of dollar hegemony and the reshaping of the global monetary system. In the short term, geopolitical tensions, inflation expectations, and changes in liquidity drive gold price volatility. Over the medium to long term, structural factors such as the downward phase of the economic cycle, the trend of de-dollarization, and central banks' increasing gold reserves are jointly pushing gold into a structural bull market. The mirror effect between gold prices and the dollar system reflects that the rise in gold indicates a weakening of the dollar's reserve currency status, signaling a transition toward a more diversified and multipolar global monetary system.

Translated by Yiqian YANG

Full text in Chinese available at:

https://fddi.fudan.edu.cn/b5/0e/c18965a767246/page.htm