金价突然狂飙，怎么回事？

Core Viewpoint - The recent surge in gold prices is attributed to a combination of rising expectations for interest rate cuts, improved liquidity, and escalating geopolitical risks [1][5]. Gold Market Performance - On November 25, international gold prices peaked at $4155.916 per ounce before retreating to around $4130 per ounce, maintaining high volatility [1]. - COMEX gold futures also showed an upward trend, rising by 0.71% to $4123.2 per ounce, with an intraday high of $4133.5 [3]. Domestic Gold Consumption - Domestic gold consumption is on the rise, with major retailers in Shanghai reporting prices for gold jewelry at approximately 1315 CNY per gram, marking recent highs [5]. Factors Influencing Gold Prices - Market expectations for a Federal Reserve interest rate cut in December have surged to 80%, the highest since the October meeting, contributing to the strength of precious metals [5]. - The reopening of the U.S. government and a decrease in the Treasury General Account (TGA) balance have injected liquidity into the market, further supporting gold prices [5]. - Geopolitical tensions, particularly the slow progress in peace talks between Russia and Ukraine, have heightened demand for gold as a safe-haven asset [5]. Future Outlook - Analysts predict that gold prices may continue to rebound in the short term, potentially challenging the $4200 per ounce mark [6]. - The long-term outlook remains positive due to ongoing central bank gold purchases and the irreversible trend of de-dollarization, which is expected to support upward movement in gold prices [6].