5300美元！金价再创新高，公募主动“降温”

Core Viewpoint - The international gold market is experiencing a significant surge, with prices breaking through the $5,300 per ounce mark, driven by structural factors such as expanding U.S. fiscal debt, a weakening dollar, geopolitical uncertainties, and continued central bank purchases of gold [1][15]. Price Movement - On January 28, international gold prices reached new historical highs, with London gold first breaking the $5,200 per ounce mark and then surpassing $5,300 per ounce, closing at $5,285.485 per ounce, a daily increase of 2% [2][15]. - COMEX gold futures also saw a substantial rise, increasing by 4.38% to $5,305.3 per ounce, with intraday highs reaching $5,306 [4][17]. Domestic Market Impact - The rise in gold prices has led to significant increases in domestic gold jewelry prices, with some brands exceeding 1,620 yuan per gram [5][18]. - The surge in gold prices has prompted public funds to implement risk control measures, with E Fund's gold-themed LOF suspending subscriptions to cool the market [5][18]. Factors Supporting Gold Prices - The rapid increase in gold prices since the beginning of 2026 has been attributed to multiple factors, including heightened geopolitical risks, rising safe-haven demand, a weakening dollar index, and ongoing central bank gold purchases [9][22]. - As of January 28, gold prices have risen over 20% since the start of the year, from approximately $4,330 per ounce to above $5,300 per ounce, reflecting a nearly $1,000 increase in less than a month [9][22]. Future Outlook - Analysts believe that the upward trend in gold prices is likely to continue, with potential challenges around short-term volatility. The price may test the $5,500 per ounce level in the near term [11][24]. - Structural factors supporting gold prices, such as U.S. fiscal debt expansion and geopolitical uncertainties, remain unchanged, leading several institutions to raise their gold price targets [11][24]. - Investors are advised to approach gold investments cautiously, considering their risk tolerance and market conditions, while avoiding chasing high prices [11][24].