According to a report by Bloomberg, gold prices have historically broken through the $3,500 per ounce mark, with a year-to-date rise of 43%, outperforming major stock indices by three times. Gold prices have doubled compared to three years ago, and analysts point out that the worsening government deficit, persistent inflation, and a weak labor market are the core driving forces behind this round of the gold bull run. This article will analyze the reasons for the surge in gold prices, related market dynamics (U.S. stocks, the U.S. dollar, tariffs), and future trend outlook.