黄金还能“牛”多久？专家：迭创新高后，金价或步入震荡阶段

Core Insights - International and domestic gold prices have reached historic highs, with London spot gold and COMEX futures hitting $4218.13 and $4235.8 per ounce respectively, while Shanghai gold reached 960.42 yuan per gram, marking a year-to-date increase of over 60% for London gold [1][3] Market Trends - The third quarter saw gold prices initially stabilize before climbing, with London spot gold increasing by 16.8% and Shanghai gold by 14.5% by the end of the quarter [3] - Investment demand for gold has surged, compensating for a decline in physical consumption, as evidenced by a 17% increase in global gold ETF holdings year-to-date, reaching 9720 million ounces [3][4] Economic Factors - The expectation of interest rate cuts by the Federal Reserve has been a significant driver for gold prices, with market sentiment shifting following weaker-than-expected U.S. employment reports [5][6] - Concerns over the independence of the Federal Reserve have also contributed to rising gold prices, with the market anticipating further rate cuts [6][7] Future Outlook - Long-term support for gold prices remains intact due to factors such as the restructuring of the international monetary system and ongoing concerns about U.S. government debt [7][8] - Short-term volatility is expected, with potential technical corrections as gold prices have risen sharply [2][8]