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Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including expectations of a Federal Reserve interest rate cut, weak U.S. economic data, and increased market risk aversion [3][6]. Group 1: Factors Driving Gold Price Increase - The immediate cause for the spike in gold prices is the market's anticipation of the Federal Reserve initiating a rate cut cycle [3]. - Weak economic indicators from the U.S. in July, including poor job market growth and underperforming manufacturing and service sectors, have contributed to rising gold prices [3]. - The depreciation of the U.S. dollar and heightened market risk aversion are also significant factors pushing gold prices higher [3]. - Over the past decade, three main drivers have influenced gold prices: global monetary easing, rising geopolitical risks, and central bank gold purchases [3][5]. Group 2: Future Support for Gold Prices - The diversification of gold market participants, particularly the increased allocation by institutional investors such as banks and hedge funds, is a core driver of the current price increase [4]. - Structural factors like ongoing geopolitical conflicts and the expansion of global government debt are expected to continue supporting gold prices in the medium to long term [5]. Group 3: Price Projections and Risks - In the medium to long term, gold prices are likely to maintain an upward trend, with a first target of $4,000 per ounce and potential to exceed $5,000 [6]. - However, technical corrections may occur following the breach of historical highs, leading to increased market volatility [6]. - The Federal Reserve's interest rate policy is a critical variable; a decision to maintain rates could limit gold's upward potential [6][7]. Group 4: Investment Strategies - Investors are advised to prioritize risk control and consider non-leveraged investment methods, such as purchasing gold bars or gold ETFs [8]. - Setting clear stop-loss levels is crucial for non-professional investors to manage potential losses effectively [9]. - A focus on liquid gold assets and avoiding speculative investments is recommended to ensure flexibility in trading [10].