Gold prices have been significantly outperforming other assets due to a range of positive factors beyond U.S. interest rates and the dollar, according to Macquarie commodity strategists. The metal’s strength is attributed to its reputation as a safe asset with no counterparty risk, increased central bank buying, and sustained interest from institutional investors. Despite recent corrections, the gold market remains robust, with notable trading activity from Chinese traders. Gold’s resilience, even amid high inflation and strong U.S. monetary policy, highlights its broad appeal and strong performance relative to industrial metals.