站上3600美元！金价再创新高！

Core Insights - COMEX gold futures prices have reached a historical high of over $3600 per ounce, marking a more than 36% increase year-to-date, making it one of the best-performing asset classes [1] - The surge in gold prices is primarily driven by expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [1] - Several international financial institutions are bullish on gold prices, with UBS raising its price target for June 2026 to $3700 per ounce and Morgan Stanley setting a year-end target of $3800 per ounce [1] Market Dynamics - The market is betting on a rate cut by the Federal Reserve in September, with concerns that recent political interference may undermine the Fed's independence, providing long-term support for gold prices [1] - There is a growing trend of diversification of foreign exchange reserves and de-dollarization, with multiple countries increasing their gold holdings this year [1] - China's central bank has increased its gold reserves for nine consecutive months as of July 2025, and foreign central banks' gold holdings have surpassed U.S. Treasury holdings for the first time since 1996 [1] Investment Considerations - The short-term and long-term outlook for gold is supported by its safe-haven and monetary properties, although the current high prices pose risks for chasing after the asset [1] - Investors are advised to consider accumulating gold during price corrections, with a focus on the Guotai Gold ETF, which has seen significant growth in assets this year [1]