【招银研究|资本市场快评】黄金触及3,000美金目标位，后市怎么看——对于近期黄金上涨的点评

Group 1 - The core viewpoint of the article is that while gold prices have reached a historical high of $3,000 per ounce, there are underlying concerns regarding overvaluation and potential market corrections [1][2] Group 2 - Gold prices have been rising continuously since the beginning of the year, driven by concerns over Trump's tariff policies and fears of a potential recession in the U.S. [1] - The significant premium of New York gold over London gold indicates a supply-demand imbalance, leading to increased gold prices [1] Group 3 - Gold valuation is nearing historical highs, with current prices at the 99.6th percentile, suggesting caution for investors as the safety margin for further price increases is diminishing [2] - Unpriced negative factors include the potential resolution of the Russia-Ukraine conflict and an exaggerated narrative around U.S. recession, which could negatively impact gold prices if expectations are adjusted [2]