戴康：对等关税强化新范式底层逻辑，黄金再创新高

Group 1 - The core viewpoint of the article emphasizes the recent surge in gold prices, driven by increased demand for gold as a safe-haven asset amid growing concerns about the U.S. economic outlook and potential disruptive trade policies from the Trump administration [3][7] - The pricing framework of gold is outlined, highlighting its financial attributes, safe-haven characteristics, and monetary properties, particularly its inverse relationship with the 10-year U.S. Treasury real interest rates [3] - Since the beginning of 2024, gold prices have consistently reached new highs, indicating a strong market sentiment towards gold as a protective investment [3] Group 2 - The article discusses the potential for further increases in gold prices, suggesting that gold functions as a sovereign credit asset and a non-interest-bearing bond, which is reinforced by geopolitical risks and concerns over U.S. debt issues [7] - The ongoing demand from central banks for gold is expected to support its price in the medium to long term, as the erosion of U.S. dollar credit continues [7]