历史新高！黄金，卷土重来？

Core Viewpoint - The article discusses the recent surge in gold prices, driven by expectations of interest rate cuts from the Federal Reserve, with predictions of a new upward trend in precious metals after a four-month consolidation period [1][2]. Group 1: Gold and Silver Price Movements - On September 2, London spot gold prices broke through the $3,500 per ounce mark, reaching a high of $3,508.49 per ounce, marking a historical peak and ending a four-month period of price stagnation [2]. - COMEX gold and silver futures also reached historical highs, with COMEX gold peaking at $3,578.4 per ounce and COMEX silver at $41.99 per ounce, the highest levels since 2012 [2]. - Domestic gold and silver futures in China also saw significant increases, with the Shanghai gold futures closing at 804.32 yuan per gram, up 1.21%, and silver futures at 9,824 yuan per kilogram, up 2.33% [2]. Group 2: Market Drivers and Predictions - Analysts attribute the current upward trend in gold prices to macroeconomic policy expectations and political risks, particularly the dovish shift from the Federal Reserve and concerns over its independence due to political pressures [4]. - The expectation of a rate cut by the Federal Reserve is seen as a major short-term positive for gold prices, with a high probability of a 25 basis point cut in September [2][4]. - The article highlights that the price of silver, which has strong industrial properties, is expected to rise alongside gold, potentially outpacing gold in percentage gains [4]. Group 3: Investment Opportunities - The article notes that various metals, including rare earths and copper, have also experienced price increases, indicating a broader rally in the commodities market [4]. - The article mentions that a well-known private equity firm has focused its investments on upstream resource sectors, including gold, copper, and aluminum [4]. - UBS's strategy report suggests that gold prices are likely to continue reaching new highs in the coming quarters, supported by low interest rates and economic uncertainties [6].