The global metal market collectively soared, and the gold price hit a new high. What factors fueled the new round of price increases?

In the morning of May 20, the international gold price once again set a record high. The London gold price and COMEX gold once broke through $2,440 per ounce, and the domestic gold price opened sharply higher. On May 21, spot gold maintained a volatile trend during the day, opening at $2,426.47 per ounce on the 21st, reaching a high of $2,431.99 per ounce and a low of $2,424.21 per ounce.

At the same time, global metal prices also reached a new high. For example, the price of silver hit a new high since 2013, and London copper hit a record high. At the close of May 20, COMEX silver futures rose 2.55% to $32.055 per ounce. Among them, the strong rise of silver even surpassed gold at one time.  

This round of gold price increases is also reflected in consumer retail terminals. The official websites of gold jewelry brands such as Chow Tai Fook, Luk Fook Jewellery, Chao Hongji, Chow Sang Sang, and Lao Miao Gold show that the price of their domestic gold jewelry exceeded 743 yuan per gram on that day, and the retail gold price of some brands could reach 746 yuan per gram.

This round of sharp rise in gold and precious metal prices is related to the market's risk aversion sentiment. During the Asian time period on May 20, news about the helicopter accident of the Iranian president further stimulated the market's demand for risk aversion. Is there any fundamental support behind the high prices of precious metals gold and silver? What will the market outlook be like?