This year, the price of gold has been steadily rising. After the Federal Reserve's first interest rate cut, spot gold prices soared to a new historical high of $2,600 on September 20. Last week, the spot gold price closed around $2,622.27, approaching the target price of $2,700 for many Wall Street investment banks in the second half of this year or the first half of next year. There are also many institutions calling for $3,000. For gold, a non-yielding asset, global central bank interest rate cuts undoubtedly highlight its value. In addition, the trend of central bank gold purchases is crucial, because the Federal Reserve's interest rate cut itself has already been priced in by the market. For example, the yield on U.S. 10-year Treasury notes has long been reduced to about 3.7%, much lower than the Federal Funds Rate (4.75%~5%). The disconnect between gold prices and interest rates since the beginning of this year has been driven by central bank gold purchases. Although the People's Bank of China has suspended gold purchases since May, India's gold imports hit a record high in August, especially since India announced a reduction in tariffs from the original 15% to 6% in the union budget on July 23, driving import demand. Currently, institutions such as UBS Group and Goldman Sachs have set a target price of $2,700, and more domestic and foreign hedge funds expect the breakthrough of the $3,000 mark to be just a matter of time.