金价，又狂飙！

Core Viewpoint - The recent rise in gold prices is driven by multiple factors, including weak employment data, internal policy disagreements within the Federal Reserve, and heightened geopolitical risks, leading to increased market demand for safe-haven assets [2][8]. Group 1: Gold Price Trends - As of August 5, the spot gold price reached $3,380.77 per ounce, continuing an upward trend over several trading days [1]. - Year-to-date, the London gold and COMEX gold prices have increased by 28.14% and 29.34%, respectively [1]. - The recent fluctuations in gold prices are attributed to easing tariff concerns and a lack of immediate interest rate cuts from the Federal Reserve, resulting in a cooling market [1][2]. Group 2: Economic Indicators - The U.S. added only 73,000 non-farm jobs in July, significantly below the expected 110,000, indicating a cooling labor market [2]. - The Federal Reserve's internal divisions regarding interest rate policies have intensified, with some members advocating for immediate rate cuts [2]. - The geopolitical landscape, including trade tensions and conflicts in the Middle East, has further fueled demand for gold as a safe-haven asset [2][8]. Group 3: Institutional Perspectives - Citigroup has revised its gold price forecast, raising the target from $3,300 to $3,500 per ounce, reflecting concerns over the U.S. economic outlook and inflation [2]. - The World Gold Council reported a 3% year-on-year increase in global gold demand, driven by strong investment interest, despite a slowdown in central bank purchases [7]. - Central banks continue to accumulate gold, with 95% of surveyed central banks expecting to increase their gold reserves in the next 12 months [7][8]. Group 4: Long-term Outlook - The ongoing global economic uncertainties and the potential for a weakening U.S. dollar are expected to influence gold prices positively in the long run [8]. - The increasing scale of U.S. national debt and the associated risks to U.S. Treasury credibility may enhance gold's appeal as a stable asset [8].