黄金价格再创新高，进入千金万银时代

Core Viewpoint - The market is increasingly focused on the potential for significant interest rate cuts by the Federal Reserve, which has led to a surge in gold prices as investors reassess its value as a safe-haven asset [1][2]. Group 1: Gold Market Dynamics - On September 16, international spot gold prices rose to a record high of $3,702.93, marking a daily increase of over 0.6% [1]. - The price of gold has increased by 44.65% since last year, driven by expectations of interest rate cuts that would lower the opportunity cost of holding non-yielding gold [2][3]. - The COMEX gold futures reached a peak of $3,737.60, while domestic gold futures closed at 842.08 yuan per gram, reflecting a monthly increase of 7.37% [3]. Group 2: Silver Market Performance - The silver market has also seen significant gains, with COMEX silver futures rising above $43 and domestic silver futures reaching 10,152 yuan per kilogram [4]. - The bullish trend in precious metals is attributed to multiple factors, including shifts in Federal Reserve policy, increased safe-haven demand, and supply-demand imbalances [4]. Group 3: Institutional and Retail Investment Trends - The SPDR Gold Trust, the world's largest gold ETF, holds 979.68 tons of gold, indicating a strong demand for gold investments despite being below its historical peak of over 1,300 tons [5]. - In August, gold ETFs experienced a net inflow of $5.5 billion, primarily from North America and Europe, while Asian markets saw outflows [5]. - Domestic gold-themed ETFs have performed well, with a 22% increase since August 25, while commodity ETFs rose by approximately 8.87% [5]. Group 4: Central Bank Demand - Global central banks continue to increase their gold reserves, with a reported addition of 166 tons in Q2, maintaining historical highs [6]. - China's gold reserves increased to 74.02 million ounces as of the end of August, marking the tenth consecutive month of accumulation [6].