Group 1 - The price of spot gold reached $3,674 per ounce, marking a significant milestone in its historical value as a safe haven asset [2] - Since 2025, gold prices have set nominal records over 30 times, with a year-to-date increase of nearly 40%, surpassing the inflation-adjusted peak of $850 from 1980 [2] - The current bull market differs from the 1980s, as the deep derivatives market and 24-hour electronic trading have stabilized volatility and expanded the buyer base from central banks and hedge funds to global retail investors [2] Group 2 - Official purchases from countries like China, Poland, and Turkey, along with ETF inflows, are reinforcing the upward momentum in gold prices [3] - The derivatives market is betting on a potential interest rate cut by the Federal Reserve, which historically weakens the appeal of U.S. Treasury bonds and the dollar, thereby benefiting non-yielding gold [3] - The historical context of government monetary policies and crises continues to drive the narrative that gold remains a reliable hedge against currency devaluation and economic instability [3]
万腾外汇：黄金热浪，3674美元之后，避险信仰再定价
Sou Hu Cai Jing·2025-09-12 06:55