历史新高，黄金成最受欢迎的多头交易

Group 1 - The core viewpoint of the articles highlights a significant bullish sentiment towards gold, with a ratio of 8 to 1 in favor of bullish investors according to Goldman Sachs [1][9] - China's central bank has increased its gold reserves for the tenth consecutive month, reaching 74.02 million ounces (approximately 2,098 tons) as of the end of August, marking a net increase of 6,000 ounces (about 1.7 tons) from the end of July [1][4] - The price of spot gold has surged, breaking the $3,600 per ounce mark on September 5, setting a new historical high, with a year-to-date increase of 36.65% [2][4] Group 2 - The expectation of interest rate cuts by the Federal Reserve has intensified, with a 100% probability of a rate cut in September and a forecast of a total reduction of 75 basis points for the entire year of 2025 [1][13] - The global central banks have been strategically shifting their reserve assets from U.S. dollar bonds to gold, with the proportion of gold in central bank reserves surpassing that of U.S. Treasury bonds for the first time since 1996 [6][7] - Analysts predict that gold prices could reach $4,000 per ounce by mid-2026, driven by ongoing central bank purchases and inflows into gold ETFs [9][10]