In 2026, the international gold price experienced 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. London spot gold once soared above US$4,400. Poor Fed policy expectations, weaker non-agricultural data, the de-dollarization process and the continuous increase in holdings by global central banks are reshaping the pricing logic of gold; the resonance of silver's dual attributes leads to the rise of precious metals. Understanding how macro forces drive gold prices can help traders build market awareness and grasp the mid- to long-term upward trend of gold and silver.