Group 1 - Morgan Stanley's latest report asserts that gold is entering a new bull market driven by investor demand [2] - The target price for spot gold in Q1 2026 has been raised from $3900 to $4000, with a potential surge to $5000 if the independence of the Federal Reserve is challenged [2][4] - Historical data shows that during the last three interest rate cut cycles, gold averaged a return of 17% nine months after the first cut [4] Group 2 - As of September 5, global gold ETFs added 72 tons, marking the largest inflow since April [4] - The report estimates that gold is highly sensitive to marginal demand, with a $10 billion net demand increase leading to approximately a 3% rise in gold prices [4] - The current environment of interest rate cuts, fiscal imbalances, and currency depreciation is expected to shift the core driver of gold prices from central bank purchases to investor demand [4]
Juno markets:黄金新牛市,投资者接棒央行,4000美元不是终点
Sou Hu Cai Jing·2025-09-16 10:38