黄金突破4700美元创历史新高！背后三大推手浮出水面

Core Viewpoint - The international gold price has surpassed $4,700, reaching a historic high, which translates to over 1,450 RMB per gram, indicating a significant increase in gold demand and prices due to various global factors [1][3]. Group 1: Price Movement - As of January 20, the London gold price was reported at $4,729.65 per ounce, with a monthly increase of over 8% [3]. - Domestic gold jewelry prices have collectively crossed the 1,450 RMB per gram mark, with some brands experiencing daily price increases of up to 25 RMB per gram [4]. - The gold price has risen nearly $500 from around $4,200 a year ago, showcasing a dramatic upward trend [3]. Group 2: Driving Factors - The first driving factor is the heightened global risk aversion due to ongoing geopolitical tensions, such as the Russia-Ukraine conflict and instability in the Middle East, alongside the nearing end of the Federal Reserve's interest rate hike cycle, leading to increased investment in gold [4]. - The second factor is the rising inflation expectations, with long-term monetary easing anticipated, prompting investors to view gold as a hedge against inflation [4]. - The third factor is the strong demand from the Chinese market, particularly with the upcoming Spring Festival, which has led to a significant increase in gold consumption and investment gold bar sales rising over 30% year-on-year [4]. Group 3: Investment Considerations - Investors are advised to be cautious about chasing high prices in the short term and consider buying during price corrections for a more stable approach [5][6]. - When purchasing physical gold, attention should be paid to the repurchase channels and transaction fees [6]. - It is recommended to limit the allocation of gold in asset portfolios to 10%-15% [6].