中国有色金属工业协会：金价走强趋势未减 需注意短期风险

Core Viewpoint - Recent fluctuations in international gold prices have been observed after a period of continuous increase, with significant analysis provided by the China Nonferrous Metals Industry Association regarding the current situation and future trends [1][3]. Group 1: Price Trends - Since 2025, both international and domestic gold prices have been on the rise, reaching historical highs, with international spot gold prices nearing $4,400 per ounce and domestic prices surpassing 900 yuan per gram [3]. - Following the peak on October 20, gold prices have experienced a continuous decline, currently falling below the $4,000 per ounce mark [7]. Group 2: Influencing Factors - The recent surge in gold prices is attributed to multiple macroeconomic factors, including increased global investment in gold and significant purchases by central banks in emerging economies, alongside geopolitical tensions and inflationary pressures driving demand for safe-haven assets [3][5]. - The current interest rate cut cycle by the Federal Reserve has led to increased enthusiasm for gold as a non-yielding asset, resulting in substantial purchases of physical gold by both institutional and individual investors [5]. Group 3: Industry Recommendations - Upstream enterprises are advised to enhance resource security by increasing investment in domestic gold mining exploration and developing overseas quality mineral resource partnerships to ensure stable and secure gold supply [9]. - Downstream processing companies should optimize product structures and actively develop diversified product categories that meet the demands of consumption upgrades, thereby enhancing product added value and market competitiveness [9].