短短4天，黄金连破7道整百关口

Core Viewpoint - The international gold market has experienced a historic breakthrough, with COMEX gold prices reaching $5626.8 per ounce, marking a significant surge in a short period, drawing global financial market attention [1][5]. Price Movement - On January 26, COMEX gold first broke the $5000 mark, then surged to $5100. On January 28, it broke through $5200, $5300, and $5400 within a single day, achieving a record of breaking seven hundred-dollar thresholds in just four days [2][6]. - Domestic gold jewelry prices also hit historical highs, with notable increases: Lao Miao gold at 1722 yuan per gram (up 104 yuan), Chow Sang Sang at 1708 yuan per gram (up 94 yuan), and Lao Feng Xiang at 1713 yuan per gram (up 93 yuan) on January 29 [2][6]. Institutional Insights - Standard Chartered Bank indicates that the expectation of interest rate cuts by the Federal Reserve by 2026 will reduce the opportunity cost of holding gold, alongside geopolitical uncertainties, establishing a clear long-term upward trend for gold [3][7]. - Tianfeng Securities highlights that two significant factors influencing gold pricing are the demand for safe-haven assets due to economic and policy uncertainties and increased purchases by central banks and official entities. The current high U.S. fiscal deficit and weakening dollar credibility support gold prices, suggesting that even if there are short-term pullbacks due to geopolitical easing, the upward cycle is not over [3][7].