The precious metals market is undergoing a reshaping of pricing logic in 2026. The international gold price has made a deep correction after hitting a record high, and then rebounded strongly due to the resonance of geopolitical risks, central bank gold purchases and expectations of interest rate cuts. The poor policy expectations of the Federal Reserve, the de-dollarization process and the continuous increase in holdings by global central banks constitute structural forces supporting gold prices. Understanding these macro logics can help investors establish a clear trading cognitive framework, grasp the upward trend of mid- to long-term gold and silver price fluctuations, and optimize the gold and silver trading layout accordingly.