金价，还在涨

Core Viewpoint - The price of spot gold continues to rise, reaching a new historical high of $4497.754 per ounce, with a current price of $4475.24 per ounce, reflecting a 0.72% increase [1][8]. Gold Market Performance - COMEX gold futures initially broke through the $4500, $4510, and $4520 per ounce levels before retreating, currently priced at $4507.8 per ounce, up 0.5% [3][8]. - On December 22, spot gold surpassed $4400 per ounce, with COMEX gold futures rising by 2.13% to $4480.6 per ounce, and COMEX silver futures increasing by 2.37% to $69.09 per ounce, indicating the potential for the largest annual gains since 1979 [3][9]. Domestic Gold Jewelry Prices - Domestic gold jewelry prices have surged, with several brands exceeding 1400 yuan per gram. For instance, Chow Tai Fook and Chow Sang Sang have raised their prices to 1403 yuan per gram, while Lao Miao Gold has increased its price to 1402 yuan per gram [3][10]. Other Precious Metals - Other precious metals have also seen significant increases, with spot silver reaching $70 per ounce for the first time on December 23. Additionally, platinum and palladium futures on the Guangzhou Futures Exchange hit their daily limit of 10%, marking new highs since their listing [10]. Market Regulation Measures - In response to the overheated trading environment, the Guangzhou Futures Exchange has set a position limit of 500 contracts for non-futures company members or clients for platinum and palladium contracts [10]. - The Shanghai Futures Exchange has implemented several risk prevention measures for silver futures, including adjustments to trading limits and transaction fees, aimed at cooling the market and promoting rational trading [11]. Economic Indicators and Predictions - Analysts note that the U.S. November CPI and core CPI growth rates have dropped to multi-year lows, reinforcing expectations for a dovish Federal Reserve policy, alongside geopolitical risks and central bank gold purchases supporting rising precious metal prices [11]. - According to Bloomberg's forecast, both gold and silver are expected to experience their strongest annual gains since 1979, with gold prices having surged approximately two-thirds this year due to central bank purchases and inflows into exchange-traded funds (ETFs) [11][12]. Investor Behavior - Investors are increasingly turning to gold as a hedge against concerns over the value of sovereign bonds and currencies, driven by "devaluation trades" [12]. - Goldman Sachs predicts that gold prices could reach $4900 per ounce by the end of 2026, suggesting that current forecasts may underestimate risks and highlighting a potential shift towards broader asset diversification among private investors [12][13]. Risks and Market Dynamics - Morgan Stanley warns that high silver prices may negatively impact photovoltaic demand, while cautioning about potential technical selling pressure from the Bloomberg Commodity Index rebalancing starting January 8, which could lead to significant forced selling in silver and gold [13].