金价飙升，突破3466美元！美元指数直线下挫

Core Viewpoint - The article highlights a significant increase in gold and other precious metals prices, driven by factors such as expectations of interest rate cuts by the Federal Reserve, weak U.S. non-farm data, and geopolitical risks, which have bolstered demand for gold as a safe-haven asset [6][8]. Precious Metals Market Summary - As of August 7, precious metals experienced notable price increases, with NYMEX palladium rising by 1.73%, NYMEX platinum by 1.72%, and spot gold reaching approximately $3,395 per ounce, reflecting a 0.80% increase [2][3]. - The dollar index has seen a sharp decline, hovering around the 98 mark, which typically supports gold prices [4]. Global Gold Demand Trends - According to the World Gold Council, global gold demand surged to 1,249 tons in Q2 2025, a 3% year-on-year increase, with total demand value reaching $132 billion, marking a 45% increase and setting a new historical record [7]. - The increase in demand is attributed to strong investment activity, particularly in gold ETFs, which saw inflows of 170 tons in Q2, contrasting with outflows in the same period of the previous year [10]. Investment Demand Insights - Gold bar and coin investments rose by 11% to 307 tons in Q2, with Chinese demand increasing by 44% to 115 tons, while Indian demand reached 46 tons [10]. - Central banks continued to purchase gold, adding 166 tons in Q2, although the pace of purchases has slowed [10]. Jewelry Demand Analysis - Global gold jewelry demand fell by 14% year-on-year in Q2, nearing 2020 lows, with China's demand dropping to 69 tons, a 20% decline [12]. - Despite the decrease in volume, the value of global gold jewelry consumption increased to $36 billion in Q2 [12]. Market Outlook - The article suggests that the strong start to the year may lead to a relatively narrow trading range for gold prices in the second half of the year, with ongoing economic and geopolitical uncertainties providing further support for gold [8][10]. - The high prices of gold are expected to continue to pressure jewelry demand, while the ongoing consolidation in the jewelry market may lead to a healthier long-term market environment [14].