机构：圣诞假期流动性稀薄或放大黄金当前涨幅

Core Viewpoint - As the Christmas holiday approaches, gold and silver traders remain active, with spot gold reaching a new record high above $4,400 per ounce. If gold stabilizes above this level, it could open up further upside potential. However, headwinds for gold may not materialize until the second half of 2026, although market participants might start to price in these expectations earlier [1][1]. Group 1 - Spot gold has surged to a new record high above $4,400 per ounce, indicating strong bullish momentum among buyers [1]. - The key challenge for the gold rally is the potential shift of major central banks from rate cuts to rate hikes in the future, which could impact gold prices [1]. - Despite the seasonal trend showing that December and January have historically been good months for gold, liquidity factors must be considered as trading activity tends to decrease during the holiday season [1].