Internet reports that in recent days, spot gold has continuously and rapidly refreshed key barriers. After falling nearly 2% on October 18 and falling below the US$4300 mark, in just one trading day, on October 20, spot gold recovered all lost ground and once again hit a new record high, hitting US$4,381.484 during the session, a 2.46% increase on the day. What factors have driven the recent surge in gold? Using the traditional decline in real interest rates to explain the rise in gold prices has become a bit pale. On October 18, Dalio, founder of Bridge Water Fund, analyzed the reasons for the rapid rise in gold prices from another perspective on social media. Dalio said gold has begun to replace some U.S. Treasury bonds as a risk-free asset in many portfolios, especially in central banks and large institutional portfolios. Holders of these portfolios have reduced their holdings of U.S. Treasurys relative to gold.