It seems that even if the Russia Ukraine war is coming to an end, the reason why gold can still be ATH is that the Bank of Iran keeps buying it, because it is worried that Trump will increase sanctions against Iran. Trump particularly dislikes Iran and pursues a policy of "maximum pressure". The previous administration directly took strong measures, including (1) freezing Iran's $7 billion in South Korea and (2) cutting off Iran's Swift. These two events may have left a deep impression on Iranians, to the extent that the Iranian central bank has been hoarding gold. Last year, when Trump won the election, he drove 200% horsepower to buy it. Biden and many previous Democrats have been slightly more lenient towards Iran, such as Biden lifting restrictions on some of Iran's funds and tacitly allowing Iran to increase its oil exports. But Trump's psychological shadow on Iranians is too great, so he bet heavily on gold.