According to CoinMeta, driven by the return of risk-aversion demand in the global market, the price of gold soared to $4,620.14, hitting a new high in three months. On Friday, the gold price broke through $4,600, continuing one of the strongest weekly gains of the year, with a weekly increase of over 5%. The weakening of the US dollar and concerns about US fiscal policy prompted investors to turn to defensive assets. The price of US gold futures also exceeded $4,670. As the US debt exceeds $40 trillion, concerns about federal borrowing have risen again. A latest survey of fund managers by Bank of America shows that 16% of respondents believe gold is undervalued, a significant increase from 6% in July. Although overall investor sentiment still favors stocks, the demand for gold as a hedge in investment portfolios is on the rise.