券商中国·2025-09-01 06:37Core Viewpoint - Gold prices have reached a historical high, driven by expectations of interest rate cuts by the Federal Reserve and increased demand for safe-haven assets amid geopolitical tensions and economic uncertainties [1][3][10]. Price Movements - On September 1, COMEX gold futures rose over 1%, reaching a peak of $3552 per ounce, while spot gold surpassed $3480 per ounce, nearing the April record high [1][3]. - Year-to-date, spot gold has increased by over 32%, and spot silver has risen nearly 40% [1]. Market Reactions - Following the surge in gold prices, A-share gold concept stocks saw significant gains, with companies like Western Gold and Shengda Resources hitting the daily limit, and others like Zhongjin Gold and Shandong Gold also experiencing substantial increases [1][7]. Federal Reserve and Economic Factors - The market anticipates a 25 basis point rate cut by the Federal Reserve, with a probability of 87.4% for the September meeting [3]. - Concerns over the independence of the Federal Reserve have been heightened following President Trump's dismissal of a board member, which is seen as an attempt to undermine the Fed's autonomy [4][9]. Geopolitical Tensions - Ongoing geopolitical issues, including U.S.-China trade tensions and conflicts in the Middle East, have further fueled demand for gold as a safe-haven asset [4][5][10]. Future Outlook - Analysts suggest that gold still has room for further price increases, with expectations that the COMEX gold price will stabilize above $3500 per ounce [9][10].