地缘政治局势动荡，避险情绪升温，金价破4562美元再刷新高

Core Viewpoint - Gold prices exhibited strong performance last week, driven by rising interest rate cut expectations and escalating geopolitical risks, ultimately surpassing the $4500 mark before experiencing a slight pullback due to profit-taking [1] Group 1: Price Movement - Gold prices increased by 3.98% to close at $4562.0 per ounce on the COMEX for the week [1] - The China Gold ETF (518850) rose by 3.61% over the week, while the Gold Stock ETF (159562) saw a weekly increase of 5.34% [1] Group 2: Catalysts for Price Increase - The rise in gold prices reflects two underlying logics: first, the market is pricing in future policy interest rate declines, resilient inflation, and fiscal expansion, which lowers the long-term real discount rate and increases demand for assets with no credit risk [1] - Second, in the context of rising uncertainty in geopolitical situations and financial markets, both public and private sectors are enhancing asset and reserve diversification, leading to structural buying of gold [1]