七连涨，金价创新高！年内累涨逾35%，上海交易火爆，上金所最新通知→

Core Viewpoint - The price of spot gold has reached a historic high of over $3,560 per ounce, marking a year-to-date increase of over 35% [1]. Group 1: Gold Market Performance - Spot gold prices have risen for seven consecutive trading days [1]. - Gold stocks in the U.S. market have seen significant gains, with Harmony Gold rising over 5% and AngloGold up over 3% [1]. - Domestic gold jewelry prices have also increased, with brands like Chow Tai Fook and Lao Miao reporting prices of 1,053 to 1,056 yuan per gram [5][6]. Group 2: Market Adjustments and Regulations - The Shanghai Gold Exchange has announced adjustments to margin levels and price fluctuation limits for gold and silver contracts, effective from September 5, 2025 [4]. - The margin for various gold contracts will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13% [4]. Group 3: Consumer Behavior and Market Sentiment - There has been a noticeable increase in consumer activity in gold markets, with many citizens selling portions of their gold holdings [7][9]. - Retailers have reported a rise in gold purchases, with an estimated increase of about 10% compared to periods of declining prices [12]. - Consumers appear to be accustomed to high gold prices, viewing fluctuations as normal and maintaining a positive outlook on gold as a long-term investment [14]. Group 4: Economic Influences on Gold Prices - Recent dovish comments from Federal Reserve Chairman Jerome Powell and economic data have strengthened market expectations for a rate cut in September, supporting gold prices [16]. - The probability of the Fed maintaining interest rates is at 12.6%, while the likelihood of a 25 basis point cut is at 87.4% [16]. - Analysts suggest that the strong performance of gold in the first half of the year, with a 26% increase in USD terms, indicates potential for continued support in the second half, especially amid uncertain macroeconomic conditions [17]. Group 5: Innovations in Gold Trading - The World Gold Council is exploring the introduction of a digital form of gold, which could transform trading, settlement, and collateral processes in the gold market [17]. - This new model, named "Gold Ownership Pool," aims to allow banks and investors to trade partial ownership of physical gold held in independent accounts, potentially revolutionizing the $900 billion physical gold market [17].