金价长期看涨基础坚实有力

Group 1 - The core viewpoint of the article highlights the volatility of gold prices, which experienced significant fluctuations, reaching a peak of $4,059 per ounce before a notable pullback, and then rebounding to $4,017.85 per ounce as of October 12 [1][2] - The recent sharp decline in gold prices is attributed to multiple short-term pressures, including profit-taking by speculative investors and a temporary easing of geopolitical risks, although these factors are not expected to have lasting impacts on the core demand for gold [2][3] - The rapid rebound in gold prices after the pullback underscores the strength of long-term support factors, such as ongoing gold purchases by central banks, which provide a solid safety net for gold prices [3] Group 2 - Central banks' continuous gold buying behavior is a significant factor supporting gold prices, with China's gold reserves increasing for the 11th consecutive month, and global central banks collectively purchasing 166 tons of gold in Q2 2023 [3] - The initiation of a Federal Reserve rate-cutting cycle is expected to further support gold prices, as historical trends indicate that gold typically performs well during such periods [3] - There is a structural upgrade in investment demand for gold, with a shift from decorative purchases to asset allocation, as evidenced by a significant increase in gold ETF trading volume in China, which surged by 214.45% year-on-year [4]