Citibank warns gold valuation has reached an extreme zone, with global gold expenditure as a proportion of GDP soaring to 0.7%, the highest in 55 years. If the gold allocation ratio returns to the historical norm of 0.35%-0.4%, gold prices will face the risk of being "halved." With the hope of reaching an agreement on the Russia-Ukraine conflict in the second half of 2026, the upward trend of the US economy, and confirmation of the Federal Reserve's independence, the collective retreat of risk aversion sentiment will remove the last pillar supporting gold prices.