黄金上演“过山车”行情，金价多空对决何时落幕 | 一财号每周思想荟(第39期）

Group 1 - The core viewpoint of the article highlights a significant restructuring in global gold demand, characterized by a decline in traditional consumption and a surge in investment and functional demand, reshaping the market ecology [1][2] - The World Gold Council reports a 28% year-on-year drop in domestic gold jewelry consumption in the first half of 2025, marking the lowest level since 2009, indicating a shift in consumer behavior [1] - The article emphasizes the urgent need for traditional gold retailers to transform by increasing the proportion of lightweight and design-oriented products, reducing premiums, and connecting with source supply chains [1] Group 2 - The recent sharp decline in gold prices is attributed to multiple factors, including a significant easing of geopolitical risks and a reassessment of U.S. monetary policy expectations, which fundamentally altered the core logic supporting gold's price increase [3] - The article notes that the internal structural weaknesses of the market amplified the negative impacts of these fundamental changes, leading to panic selling among bullish investors and triggering a typical "long squeeze" scenario [3] - Despite the recent volatility, the long-term fundamental factors supporting gold prices remain intact, with ongoing geopolitical changes enhancing gold's safe-haven appeal and a loose monetary policy environment bolstering its value retention [4]