黄金价格冲破3200美元，美元信用松动触发避险资产涌入

Group 1 - The global gold market is experiencing a historic moment, with COMEX gold futures reaching $3255 per ounce, marking a rapid increase from $3100 to $3200 in approximately 10 trading days [1] - Domestic gold futures in China also hit record highs, with the main contract peaking at 763.62 yuan per gram, closing at 757.30 yuan per gram, reflecting a daily increase of 2.71% [1] - The depreciation of the US dollar, driven by the Trump administration's tariff policies, is accelerating the process of de-dollarization globally, enhancing gold's monetary attributes [1] Group 2 - The liquidity crisis in US Treasury bonds is pushing funds towards gold, which has become a key driver for recent gold price increases [2] - The yield on US Treasury bonds surged by 50 basis points in three days, reaching around 4.5%, raising concerns about potential default risks and diminishing the traditional safe-haven function of US debt [2] - Despite gold's status as a safe asset, it may also be sold off during widespread asset declines to maintain liquidity, as financial institutions seek to prevent insolvency [2] Group 3 - Central banks worldwide have been accumulating gold at a record pace, exceeding 1000 tons annually over the past three years, with private investors also increasing their gold investments [3] - UBS recommends maintaining a 5% allocation to gold in dollar asset portfolios and predicts gold prices could reach the range of $3200 to $3500 [3]