Group 1 - The Federal Reserve has restarted interest rate cuts, lowering the federal funds rate target range by 25 basis points to 4%-4.25% [1] - Following the rate cut announcement, international gold prices fell from above $3700/oz to around $3650/oz, while domestic futures also saw a decline [1] - Analysts believe that geopolitical tensions and loose monetary policies support a sustained bull market for precious metals, with historical trends indicating that Fed rate cuts are beneficial for the gold market [1][2] Group 2 - International gold prices have been on an upward trend, with the London spot gold price reaching a historical high of $3707.47/oz on September 17, 2025, marking a 72.17% increase since early 2024 [2][3] - Central banks have significantly increased gold purchases, with 2024 seeing a record high of 1089.4 tons, surpassing U.S. Treasury bonds in central bank reserves for the first time in 2025 [3] - The ongoing "de-dollarization" trend is expected to enhance gold's status as a safe-haven asset, supported by continuous gold purchases from central banks [3][4] Group 3 - The current economic environment, characterized by weak global growth and easing inflation, has prompted central banks to initiate rate cuts, further boosting gold's appeal as a non-yielding asset [3][5] - The decline in real interest rates due to the Fed's rate cuts reduces the holding costs of gold, making it more attractive compared to fixed-income assets like U.S. Treasuries [4][5] - The market anticipates that gold will continue to benefit from the recent rate cuts, with potential for new highs, although there may be short-term fluctuations following the initial rise [8][9]
降息“靴子落地”金价冲高回落 贵金属长线仍预期走牛
Zheng Quan Shi Bao·2025-09-18 17:58