全球资本扫货黄金，金价年内创36次新高

Core Insights - Gold prices have reached a historic high, with prices climbing to $3,784 per ounce as of September 23, marking a year-to-date increase of 43% [2][4] - The SPDR Gold ETF has seen its holdings rise to 1,000.57 tons, reflecting unprecedented confidence in gold [3] - The surge in gold prices has positively impacted gold stocks, with significant gains observed in various companies [4] Gold Price Dynamics - The recent rise in gold prices is attributed to the Federal Reserve's interest rate cuts, which have lowered the opportunity cost of holding gold, alongside a weakening dollar and ongoing geopolitical tensions in the Middle East [5] - Analysts predict that gold prices will continue to experience upward momentum, supported by expectations of further interest rate cuts and persistent geopolitical risks [5][7] Market Reactions - Domestic gold jewelry prices have also increased, with prices for gold jewelry reaching 1,100 RMB per gram [6] - The performance of gold ETFs has been strong, with increases exceeding 37% this year, and gold stock ETFs rising over 77% [6] Investment Trends - There is a growing interest from domestic asset management institutions in incorporating gold into their investment portfolios, with a notable increase in the number of funds holding gold ETFs [7][8] - Recent regulatory changes have allowed insurance companies to invest in gold, potentially bringing an estimated 200 billion RMB into the gold market [8] Corporate Developments - The favorable environment for gold prices has led to increased activity in the capital markets, exemplified by Zijin Mining's announcement of its subsidiary's planned IPO, which could value the company at approximately 187.85 billion HKD [9]