机构：黄金避险需求提升

Core Viewpoint - Spot gold prices surged over 2% to reach $4100 per ounce, setting a new historical high, driven by increased demand for safe-haven assets amid U.S. government shutdown concerns and a decline in dollar credibility [1] Group 1: Short-term Factors - Most metals are experiencing price increases due to ample liquidity, with gold's financial attributes likely to support further price rises [1] - The recent U.S. government shutdown has heightened demand for gold as a safe-haven asset, as it damages U.S. credibility [1] Group 2: Mid-term Outlook - If market sentiment shifts, gold will serve as an excellent safe haven, especially if other metals show signs of reversal, enhancing gold's hedging value [1] - The recent small non-farm payroll report showed a decline of 32,000 jobs, significantly below the expected increase of 50,000, reinforcing market expectations for interest rate cuts, which is favorable for gold prices [1] Group 3: Long-term Trends - The decline in dollar credibility is the main narrative driving the current bull market in gold, with potential further declines expected due to new policies from the Trump administration [1]