Core Viewpoint - The pricing mechanism of gold is shifting from being primarily based on real interest rates to being centered around central bank purchases, reflecting a trend towards decentralization and heightened demand for safe-haven assets [1] Macroeconomic Messages - In the context of high interest rates and global restructuring, the demand for gold is increasing, particularly in China, where the central bank has resumed gold purchases for ten consecutive months [1] - The passage of Trump's significant legislation may exacerbate the U.S. debt issue, leading to cracks in the dollar's monetary credibility and highlighting gold's de-dollarization attributes [1] - Geopolitical risks continue to drive market demand for safe-haven assets, contributing to short-term fluctuations in gold prices [1] Institutional Perspectives - The logic driving the current rise in gold prices remains intact, with the Federal Reserve's interest rate policy and market sentiment being short-term influencing factors [1] - Recent U.S. labor market data shows unexpected weakness, with non-farm employment significantly below expectations and an increase in the unemployment rate to 4.3% [1] - Market expectations for a Federal Reserve rate cut in October are around 90%, with attention on upcoming non-farm payroll data [1]
新世纪期货：停摆危机未解 黄金避险坚挺
Jin Tou Wang·2025-10-10 07:12