黄金行业研究：黄金价格不断创新高，中长期预计仍处上升通道

Investment Rating - The industry investment rating is "Neutral" [7] Core Viewpoints - The continuous rise in gold prices post-Spring Festival is attributed to multiple factors, including traditional consumption peaks and the popularity of themed gold jewelry [2] - The financial attributes of gold are influenced by the Federal Reserve's policies and inflation expectations, with a projected extended rate cut cycle in 2025 [2][3] - Central banks have consistently purchased over 1000 tons of gold annually, contributing to supply-demand imbalances and increasing gold demand [3] - Geopolitical risks and uncertainties surrounding U.S. policies are driving heightened demand for gold as a safe-haven asset [3] Summary by Sections Market Performance - As of February 14, 2025, gold prices have shown significant growth, with COMEX gold futures closing at $2968.5 per ounce and SHFE gold at 684.5 yuan per gram [1][6] Investment Recommendations - Gold is recommended as a unique asset class for investment portfolios due to its hedging properties, low correlation, and value storage capabilities [4] - The report suggests that while short-term technical corrections may occur, the long-term outlook for gold prices remains bullish [4] Industry Insights - Gold mining company stocks are closely tied to gold prices and can exhibit greater volatility based on company performance [8]