The move came after the release of U.S. inflation data (PCE), which came in line with market expectations. Added to this are concerns about U.S. debt, persistent inflation, dollar weakness from rate cuts, and the global de-dollarization process. In this context, the overall picture shows that the gold rally does not rely solely on Fed expectations but is underpinned by broader structural and geopolitical factors. In conclusion, gold is experiencing a historic moment with record prices, driven both by U.S. monetary policy and global structural factors. The combination of contained inflation, central bank purchases, dollar weakness, and political tensions has reinforced its role as a haven.