Xin Lang Cai Jing·2025-09-10 09:56Core Viewpoint - The international spot gold price has surged significantly in 2023, rising from $2,625 per ounce to over $3,600 per ounce, marking an increase of over $1,000 per ounce and a year-to-date gain of 40% [2][3]. Group 1: Price Movements - On September 9, the spot gold price reached a new high of $3,674.78 per ounce, with COMEX gold futures also reflecting a similar increase, nearing 40% year-to-date [3]. - Domestic gold-related stocks experienced a strong rally, with several stocks hitting the daily limit up, including Western Gold, Chifeng Jilong Gold Mining, and Hengbang Shares [2][3]. Group 2: Factors Driving Gold Prices - The recent rise in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the independence of the Fed impacting the US dollar, and increased risk aversion due to fiscal and political pressures [4][6]. - The downward revision of US non-farm payroll data has intensified market bets on multiple rate cuts by the Fed, further supporting gold prices [6]. Group 3: Central Bank Activities - Central banks globally have been increasing their gold reserves, with the People's Bank of China reporting a rise in gold reserves to 74.02 million ounces, marking the tenth consecutive month of increases [7]. - The World Gold Council noted that global official gold reserves increased by 166 tons in Q2 2023, maintaining a high level of accumulation [7]. Group 4: Long-term Outlook - Analysts believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Various institutions have raised their gold price targets, with forecasts suggesting prices could reach $4,000 per ounce by 2026 under certain scenarios [9].