金价再创历史新高，还能买吗？

Core Insights - The article highlights the significant rise in gold prices, with both London gold spot and COMEX gold futures reaching historical highs, driven by various factors including monetary policy shifts and geopolitical tensions [1][3]. Group 1: Gold Price Trends - On September 23, London gold spot prices peaked at $3,791.08 per ounce, marking a historical high with a daily increase of 1.21% and a monthly increase of approximately 8.7% [1]. - COMEX gold futures reached a maximum of $3,824.6 per ounce, with a daily increase of 1.31% and a monthly increase of about 7.6% [1]. Group 2: Influencing Factors - The rise in gold prices is primarily attributed to the Federal Reserve's shift towards a more accommodative monetary policy, including a recent 25 basis point rate cut, which has fueled expectations of a global easing cycle [3]. - Structural factors such as escalating geopolitical tensions and military conflicts have led to increased safe-haven investments in gold [3]. - The sensitivity of gold to global liquidity and inflation, along with strong demand from central banks, particularly in light of ongoing fiscal pressures in the U.S., are significant catalysts for the price increase [3][5]. Group 3: Central Bank Activities - Central banks globally have continued to purchase gold, with a net acquisition of 166 tons reported in the second quarter of 2025, indicating a positive outlook for gold demand despite a slowdown in purchasing pace [4]. - The People's Bank of China has increased its gold reserves for ten consecutive months, reaching 7.402 million ounces by the end of August 2025 [4]. Group 4: Investment Strategies - Investors are advised to adopt a phased buying strategy in gold, focusing on gold ETFs and companies involved in gold mining and sales, while being cautious with high-leverage products like futures and options [6]. - It is emphasized that investors should understand their risk tolerance and actively monitor macroeconomic changes affecting the gold market [6].