Group 1 - The core viewpoint is that international gold prices have surged nearly 40% this year, driven by central bank purchases, complex global situations, and increased demand for safe-haven assets [1][2] - The recent rise in gold prices since late August is linked to market speculation regarding a potential interest rate cut by the Federal Reserve and rising long-term bond yields due to concerns over fiscal sustainability in multiple countries [1][2] - France's 10-year bond yield has risen significantly, surpassing levels in Greece and Spain, raising investor concerns about fiscal sustainability [1] Group 2 - The upward pressure on long-term bond yields is not isolated to France and the UK; similar trends are observed in the US, Japan, and Germany, indicating a broader concern over government debt risks [2] - Investors are shifting from government bonds to gold, reflecting a growing apprehension about fiscal sustainability and the safety of traditional safe-haven assets [2] - The ongoing bull market in gold, which has lasted nearly three years, is supported by central bank purchases and geopolitical uncertainties, with the potential for further price increases as long-term bond sell-offs continue [2]
时报观察 多国财政困局推涨金价 全球资产定价面临重构
Zheng Quan Shi Bao·2025-09-10 18:00