1, the supply and demand of gold. The relationship between supply and demand of gold in the international market determines the long-term price trend.

2. Exchange rates of major currencies in the world. The exchange rate of US dollar is one of the important factors that affect the fluctuation of gold price.

3. Oil supply and demand. Oil price and gold price interact with each other, and in many cases, there is a positive correlation between their price rise and fall.

4. International political turmoil and war.

5. Other factors, such as the intervention activities of international financial organizations, policies and regulations of central financial institutions in China and other regions, will also have a significant impact on the trend of gold prices.