金价“过山车”！关税冲击波下华尔街吵翻，投资者直呼“心脏受不了”

Core Viewpoint - Recent fluctuations in international gold prices have been significant, with prices reaching a historical high of $3509.9 per ounce on April 22, followed by a drop to $3123 per ounce on May 15, and a subsequent rebound, indicating a volatile market environment [2][3]. Market Dynamics - The recent decline in gold prices is attributed to the unexpected reduction in tariffs between China and the U.S., which has decreased the demand for gold as a safe-haven asset [3][4]. - Despite the recent drop of approximately 8% from $3500 to $3150 per ounce, gold prices have still increased by 20% since the beginning of the year, suggesting that the current decline is a normal adjustment rather than a cause for panic [3][4]. - The easing of geopolitical tensions, particularly between Russia and Ukraine, has also contributed to the reduction in gold prices, as such conflicts typically drive up demand for gold [6][7]. Geopolitical Factors - Recent signals of potential peace talks between Russia and Ukraine, as well as indications from Iran regarding its nuclear program, have further diminished the demand for gold as a hedge against geopolitical risks [6][7]. - The ongoing geopolitical landscape, including conflicts in the Middle East, continues to influence gold prices, with the potential for future volatility depending on developments in these regions [7]. Economic Indicators - The direction of U.S. economic data and growth expectations will significantly impact gold prices, with improved economic indicators potentially leading to a decrease in gold demand [8]. - The Federal Reserve's stance on interest rates, particularly regarding potential rate cuts, will also play a crucial role in shaping gold market dynamics [8][9]. Future Projections - Analysts have differing views on future gold prices, with some predicting a decline to as low as $2700 per ounce by the end of the year, while others maintain a bullish outlook, suggesting that gold could reach between $3100 and $3300 per ounce by 2025 [9][10]. - The long-term value of gold as a hedge against inflation and currency credit risks remains intact, with expectations of increased buying in the physical gold market following recent price declines [7][10].