Spot gold broke through $4,400 to set a new all-time high. This article provides an in-depth analysis of the three major driving forces of geo-risk premium, global de-dollarization wave and central bank’s epic gold-buying surge. Predict the price path under the reconstruction of gold valuation paradigm in 2026, and discuss the strategic significance of gold as a new currency anchor in the context of repricing of the US dollar credit system.