现货黄金再创历史新高 年内涨幅已超65%

Group 1 - The core viewpoint of the news is that spot gold has reached a new historical high of $4,381.4 per ounce, marking a year-to-date increase of over 65% [1] - Market expectations for the Federal Reserve to lower interest rates in 2026 are rising, alongside increased geopolitical uncertainties due to the approaching Christmas and New Year holidays, which are supporting gold prices [3] - The World Gold Council reported that global physical gold ETF inflows reached $5.2 billion in November, marking six consecutive months of inflows, with total assets under management growing to $530 billion, a 5.4% month-on-month increase [3] Group 2 - The total holdings of gold ETFs increased by 1% to 3,932 tons, both figures representing new historical highs, with the total inflow for the year expected to set a record for the best annual performance [3] - The chief economist of Dongwu Securities, Lu Zhe, stated that the trend of central banks purchasing gold remains unchanged, and the long-term processes of de-dollarization and geopolitical fragmentation continue to support the demand for gold as a credit hedge [4] - The fundamental reasons for the gold bull market, including fiscal and debt risks in major economies, remain solid, indicating that the core logic of the gold bull market has not been disrupted [4]