Against the backdrop of global economic and political uncertainty, gold, as a traditional safe-haven asset, is gaining new attention. From the soaring US fiscal deficit to the repeated fluctuations in trade policy, from the unclear path of the Federal Reserve’s interest rate to the continued increase in holdings by central banks around the world, multiple factors have jointly pushed gold prices to show strong resilience in a complex environment. This strengthening is not the result of a single variable, but a market picture woven together by the accumulation of fiscal risks, the rise in policy uncertainty and the reconfiguration of global capital.