金价一路狂飙为哪般

Group 1 - The core driving force behind gold prices surpassing $4,800 per ounce is the ongoing accumulation of gold by global central banks, exemplified by Poland's plan to purchase up to 150 tons of gold, increasing its reserves to 700 tons [1] - China's central bank has increased its gold reserves to 7.415 million ounces as of December 2025, marking the 14th consecutive month of accumulation, indicating a strategic direction towards optimizing international reserve structures and cautiously promoting the internationalization of the Renminbi [1] - Geopolitical risks and macroeconomic uncertainties have acted as catalysts for market movements, with concerns over the independence of the Federal Reserve due to a criminal investigation into its chairman and renewed trade tensions following tariff announcements by the U.S. [1] Group 2 - The recent surge in gold prices is attributed to a combination of rising market risk aversion and long-term structural support factors, with short-term triggers linked to geopolitical events [1] - The expectation of a Federal Reserve interest rate cut cycle and the narrative of long-term "de-dollarization" are contributing to the macroeconomic backdrop supporting gold prices [1] - From a funding perspective, gold ETFs and central bank purchases are providing medium to long-term support, while short-term fluctuations are occurring near key technical levels [2]