黄金为什么涨价这么厉害？

Group 1 - Significant increase in gold prices expected in 2025 driven by multiple factors [1] - Federal Reserve's interest rate cuts leading to a decline in the dollar index by over 10%, reducing the opportunity cost of holding gold [1] - Geopolitical risks such as the Russia-Ukraine conflict and tensions in the Middle East contributing to increased global uncertainty, resulting in a surge of safe-haven investments in gold [1] Group 2 - Central banks in emerging markets like China and India accelerating "de-dollarization" by increasing gold reserves, with net purchases reaching 634 tons in the first three quarters of 2025, providing long-term support for gold prices [2] - Weakening of U.S. dollar credit due to expanding fiscal deficits and concerns over inflation, prompting investors to turn to gold as an inflation hedge [3] - Market sentiment and capital flows leading to a record inflow into gold ETFs, amplifying price increases after gold prices break key levels [4]