Gold prices have experienced a remarkable increase over the past year, surging 46% from January 2024 to February 23, 2025, significantly outpacing the S&P 500 and NASDAQ, which gained 26% and 30%, respectively. This rally has been driven by a combination of economic uncertainty, geopolitical tensions, and surprising demand from China. However, recent reports indicate that gold prices have begun to decline, attributed in part to the impact of U.S. tariffs on China. Notably, China's total gold imports via Hong Kong fell to a near three-year low in January, with 13.816 metric tons imported compared to 25.007 metric tons in December. Despite this decline in imports, shares of gold mining companies are rising as analysts adjust their outlook for the precious metal amid ongoing inflation and geopolitical risks. Gold futures remain near record levels, supported by weaker dollar performance and strong ETF flows.