Looking forward to 2025, gold prices still have a strong upward driving force, in order of importance, mainly from the following three aspects: 1. The US dollar's purchasing power is expected to weaken, and the US federal funds Intrerest Rate is currently at an absolute high level since 2008, and the market expects the Fed to continue to cut interest rates in 2025; 2. The hedging attribute may play a role in the breakthrough of the gold price, military conflicts, political checks and balances, financial market "black swan", natural disasters, etc., resulting in the rise of the market's phased risk aversion, which is expected to bring greater short-term pump elasticity to the gold price, although it is difficult to affect the trend of the gold price, but it may play a key role in the breakthrough of the gold price; 3. With the continuous evolution of "de-globalization", especially in the context of the United States advocating the promotion of virtual money, the non-fungible and indispensable nature of gold assets is expected to be further amplified, and the excellent attributes of gold assets are expected to form a positive feedback on gold prices.