Morgan Stanley's latest outlook has attracted market attention—gold is becoming an important force in challenging the dominance of the US dollar. BRICS countries have significantly increased their gold reserves over the past five years, with a total growth of over 30%. The logic behind this move is clear: to reduce excessive reliance on US dollar reserves. Changes in the global trade landscape and the rise of emerging alliances are accelerating the shift of the financial system from a unipolar to a multipolar structure. In this broader context, gold, as the oldest store of value, is once again reaffirming its strategic position. Market participants should pay attention to the potential impact of this long-term trend on commodity and risk asset allocations.