金价，突然回调！

Core Viewpoint - The recent fluctuations in gold prices are attributed to multiple factors, including changes in U.S. Federal Reserve policies, increased central bank gold purchases, and rising geopolitical risks, leading to a significant rise in gold's investment appeal [6][9][10]. Group 1: Gold Price Movements - On September 30, the spot gold price experienced a sharp decline, dropping below $3,800 per ounce after reaching a record high of $3,871 per ounce earlier in the day, marking a daily decrease of over 0.8% [3]. - The recent gold price rally lasted for seven days, with the previous high recorded at $3,791.08 per ounce on September 23 [3]. Group 2: Domestic Gold Jewelry Prices - As of September 30, the prices for gold jewelry in China were reported as follows: Chow Sang Sang at 1,111 CNY per gram, Lao Miao at 1,108 CNY per gram, and Chow Tai Fook at 1,108 CNY per gram [4]. Group 3: Factors Influencing Gold Prices - According to Huaxia Fund, the recent surge in gold prices is supported by the U.S. Federal Reserve entering a rate-cutting phase, which diminishes the dollar's attractiveness and enhances gold's value as an asset. Additionally, strong global demand for safe-haven assets, high U.S. debt levels, and geopolitical uncertainties contribute to this trend [6]. - UBS forecasts a bullish outlook for the gold market, predicting prices will reach $4,200 per ounce by mid-2026, driven by a weaker dollar, significant central bank gold purchases, and increased ETF investments [7]. - Since the beginning of the year, international spot gold prices have risen from $2,625 per ounce, reflecting an increase of nearly 43% year-to-date, while domestic gold prices have risen approximately 38% [7]. Group 4: Central Bank Gold Purchases - Liu Ying from Renmin University highlights that global central banks have consistently increased their gold holdings, with annual purchases exceeding 1,000 tons for three consecutive years, accounting for about 20% of global annual gold demand [9]. - The trend of central banks purchasing gold is not limited to developing countries; developed nations are also actively increasing their gold reserves. A report from the World Gold Council indicates that 95% of surveyed central banks plan to further increase their gold reserves in the next 12 months [10].