戴康：黄金新高，不止于此？

Core Viewpoint - The article discusses the recent surge in gold prices, attributing it to three main factors: financial attributes, safe-haven demand, and currency attributes, all of which have seen favorable conditions recently [3][5]. Group 1: Financial Attributes - The market's expectation for a Federal Reserve interest rate cut has significantly increased since the Jackson Hole global central bank meeting at the end of August, with a 90% probability for a 25 basis point cut anticipated for the September 18 meeting [3]. Group 2: Safe-Haven Demand - The impact of tariffs on the U.S. economy is becoming evident, with rising inflation and weak employment contributing to short-term stagflation and long-term recession risks, thereby increasing market demand for safe-haven assets like gold [5]. Group 3: Currency Attributes - A weaker dollar and the trend of de-globalization are undermining the credibility of the dollar, while global central banks, including the People's Bank of China, have been increasing their gold reserves for ten consecutive months [5][7].