财经聚焦丨年内涨约50%！金价为何一路高歌？

Core Viewpoint - The international gold price has surged over 51% this year, marking 2025 as potentially the year with the highest price increase since 1979 [1][3]. Price Movement - After an 8-day holiday, trading resumed on October 9, with Shanghai gold prices reaching 911.5 yuan per gram, up over 4.5% from September 30 [1]. - The international gold price rose from approximately $3,300 to $4,000 per ounce since late August, reflecting a more than 20% increase [3]. - Domestic gold prices have also increased, with the price of gold jewelry reaching around 1,168 yuan per gram, a rise of 45 yuan since the end of September [1]. Contributing Factors - Multiple factors have driven the rise in gold prices, including geopolitical changes, global economic uncertainty, Federal Reserve interest rate cuts, and increased gold purchases by central banks [4]. - The recent U.S. government shutdown has heightened concerns over the dollar's credibility and U.S. sovereign debt, further pushing up gold prices [5]. Market Dynamics - There is a noticeable shift in consumer behavior, with a decline in gold jewelry sales but a surge in investment in gold bars, indicating a market driven by investment rather than consumption [6]. - The gold repurchase business has been sluggish, attributed to the lack of stabilization in gold prices [6]. Future Outlook - Experts suggest that while there is medium to long-term support for gold prices, the rapid short-term increases may exceed expectations, indicating potential volatility [8]. - Gold is viewed as a long-term asset allocation tool rather than a short-term speculative investment, emphasizing the need for investors to understand the risks associated with gold investments [8].