Zhong Guo Ji Jin Bao·2025-09-01 13:54Core Viewpoint - International gold prices have reached a new historical high, driven by expectations of interest rate cuts and geopolitical tensions, leading to significant gains in gold-related stocks [1][3][7]. Price Movements - On September 1, COMEX gold prices peaked at $3552.4 per ounce, surpassing the previous high of $3534.1 set in early August [1][3]. - The domestic futures market also saw a surge, with the Shanghai gold futures contract breaking through 800 yuan per gram [1]. Market Reactions - The rise in international gold prices has led to a substantial increase in A-share precious metal stocks, with companies like Zhongjin Gold and Hunan Gold hitting their daily price limits [4]. - In the past week, gold prices have increased by over $80 per ounce, marking a four-day consecutive rise and drawing global investor attention [5]. Economic Indicators - The gold price increase is attributed to the dovish signals from the Jackson Hole global central bank meeting, where Fed Chair Powell's remarks suggested a potential restart of interest rate cuts [8][9]. - Recent economic data, including the core PCE index, has reinforced expectations for rate cuts, further supporting gold prices [8][9]. Investment Sentiment - Fund managers believe that gold has further upward potential, although caution is advised regarding the market's anticipation of rate cuts [10][11]. - The ongoing trend of central banks, including China's, increasing gold reserves is seen as a supportive factor for gold prices [8][11]. Long-term Outlook - Analysts suggest that the current economic environment, characterized by weakening dollar credit and rising geopolitical risks, will continue to favor gold as a safe-haven asset [11][12]. - The narrative of "de-dollarization" and the increasing allocation of gold assets by emerging market central banks are expected to drive long-term demand for gold [11][12].