突破4500美元如探囊取物，黄金新一轮行情缘何又至？丨每日研选

Core Viewpoint - The price of gold has historically surpassed $4,500 per ounce, attracting significant market attention amid short-term volatility and long-term opportunities [1] Group 1: Macro Environment and Policy Expectations - The weakening U.S. macroeconomic and employment data has strengthened the expectations for risk aversion and interest rate cuts, providing crucial support for gold prices [1] - The uncertainty surrounding the Federal Reserve's policy direction and expectations for liquidity easing have become focal points for the market, with the recent Fed meeting injecting liquidity into the market [2] - Global liquidity conditions are favorable for gold prices due to divergent policy adjustments among major economies, such as the Bank of England's rate cut and the European Central Bank's stable rates [2] Group 2: Demand for Gold and Investment Trends - There is a rigid growth in demand for gold as an asset, driven by private sector investments, with gold ETFs experiencing a net inflow of $5.2 billion in November [2] - Central banks are increasingly purchasing gold for asset management, risk mitigation, and to navigate uncertainties in the evolving monetary order, which supports the price stability of gold [3] - The short-term outlook for gold prices remains volatile due to seasonal trading patterns, but long-term opportunities are anticipated around February 2024, coinciding with expected increases in U.S. debt issuance [4]