黄金大幅回调还能买吗？专家最新研判

Group 1 - The core driver of the recent rise in gold prices is geopolitical tensions leading to significant increases in global central bank gold reserves and the efficiency of market participation through gold ETFs [1][2] - Historical data shows that gold prices have experienced two major upward cycles from 1970-1980 and 2000-2010, with central banks projected to purchase 1136 tons, 1037 tons, and 1045 tons of gold from 2022 to 2024, marking one of the fastest accumulation rates in modern history [1][2] - China's central bank has resumed gold purchases since November 2024, increasing its holdings for 11 consecutive months, while global central bank net gold purchases in Q1 2025 reached 244 tons, indicating a slowdown in buying speed [1][2] Group 2 - The recent significant drop in gold prices below the $4000 mark is attributed to its safe-haven properties, asset allocation diversification benefits, and market sentiment, with expectations of a new interest rate cut cycle emerging due to weak U.S. employment data and manageable inflation [2][3] - The ongoing high debt levels in major economies are prompting investors to prepare for "currency devaluation trades," thereby maintaining the long-term logic supporting gold prices [3]