金价大反转！2025 年 11 月 18 日探底回升，机构喊出 4400 美元目标

Core Viewpoint - The gold market is experiencing a "V-shaped reversal," with prices stabilizing after a brief dip, supported by ongoing central bank purchases and expectations of future interest rate cuts by the Federal Reserve [1][5]. Group 1: Market Performance - Shanghai Gold Exchange's Au9999 gold price fell to a low of 926 CNY per gram but rebounded to 930.04 CNY per gram, showing a slight decline of 0.18 CNY from the previous trading day [1]. - International gold prices also recovered, with spot gold priced at 4045.5 USD per ounce, maintaining above the 4000 USD mark [1]. - The retail market shows price stability for brands like Chow Tai Fook and Lao Feng Xiang, with prices for 999 gold remaining between 592-598 CNY per gram, down 15-20 CNY from previous highs [3]. Group 2: Supply and Demand Dynamics - Global central bank gold purchases have been robust, with China increasing its holdings for 12 consecutive months and a total of 634 tons purchased globally in the first nine months of the year [5]. - The Federal Reserve's unchanged interest rate cut expectations for 2026 are supporting the mid-term outlook for gold prices, with a market pricing in a 50 basis point cut [5]. - Gold production is facing bottlenecks, with marginal production costs rising to 1500 USD per ounce, providing fundamental support for gold prices [5]. Group 3: Future Outlook - Institutions are collectively bullish on the gold market, with China International Capital Corporation predicting a continuation of the bull market, potentially exceeding 5000 USD per ounce next year [9]. - YLG Bullion has set a year-end target for gold prices between 4380-4400 USD per ounce, emphasizing opportunities for buying on dips [9]. - For retail investors, it is suggested to consider purchasing gold during price corrections and to adopt a systematic investment strategy to avoid volatility [9].