[Citi: Gold's Breakout Mainly Driven by Speculative Funds, Global Central Bank Meeting to Become Key Risk Point] BlockBeats News, August 26, gold has recently maintained strong momentum, with significant increases in volatility at high levels. A weaker dollar, declining U.S. Treasury yields, concerns over fiscal deficits, and safe-haven demand have collectively supported gold prices. However, Citi warns that the recent breakout in gold is more driven by speculative funds such as futures, with physical demand yet to catch up. Citi believes this implies that gold will be more sensitive to macro events in the short term. Speculative fund-driven rallies can quickly form trends but are also prone to concentrated profit-taking when policy expectations shift. The market is currently awaiting speeches at the Jackson Hole Global Central Bank Meeting. If the Federal Reserve signals a hawkish stance, the dollar and real interest rates may rebound, putting pressure on gold's upward trend. Conversely, if the policy tone leans dovish, gold prices may have an opportunity to continue climbing. The backdrop for gold trading has also changed recently. Fiscal sustainability, long-term U.S. Treasury yields, and central bank gold purchases remain medium-term supports, but short-term prices have already accumulated significant momentum-driven funds. For traders, gold is no longer just a safe-haven asset; it increasingly resembles a macro high-beta instrument sensitive to the dollar, real interest rates, and fiscal risks simultaneously.