刚刚，突然飙涨！

Core Viewpoint - The article highlights the recent surge in gold prices, with spot gold breaking through $3720 per ounce, reaching a new high of $3728.4 per ounce, driven by factors such as U.S. interest rate cuts and ongoing geopolitical risks [2][5]. Price Movements - As of September 22, spot gold closed at $3722.29, up $37.64 (+1.02%) from the previous close of $3684.65, with a daily high of $3728.4 and a low of $3683.28 [3]. - Spot silver also saw significant gains, rising nearly $43.8 per ounce, marking a 14-year high, with a net long position increase of 360 contracts reported by the CFTC [4]. Market Sentiment - Market analysts express optimism about gold's trajectory, suggesting that it could reach $4000 per ounce by the end of the year due to reduced opportunity costs from interest rate cuts and persistent geopolitical tensions [5]. - The demand for physical gold remains strong, particularly in emerging markets like India, where gold premiums have reached a 10-month high despite record prices [6]. Future Projections - Morgan Stanley forecasts that investor demand will become the primary driver of gold prices, predicting an average price of $3800 per ounce by Q4 2025 and a potential breach of $4000 per ounce in Q1 2026 [6]. - Goldman Sachs has revised its long-term gold price forecast from $2850 to $3300 per ounce, maintaining a target of $3700 per ounce by the end of 2025 and $4000 per ounce by mid-2026 [6]. Jewelry Prices - As of the latest update, the price of gold jewelry from various brands is as follows: Chow Tai Fook at 1085 CNY per gram, and Chow Sang Sang at 1090 CNY per gram, reflecting recent price increases [7][8].