Workflow
全球资本扫货黄金,金价年内创36次新高
21世纪经济报道·2025-09-23 13:59

Core Viewpoint - The article highlights the significant rise in gold prices, which have reached historical highs, driven by factors such as Federal Reserve interest rate cuts, a weakening dollar, and ongoing geopolitical tensions in the Middle East [3][5][6]. Group 1: Gold Price Trends - As of September 23, gold prices surged to a record high of $3,784 per ounce, marking a cumulative increase of 43% this year [3][5]. - Gold futures have also surpassed $3,800 per ounce, indicating a strong upward trend [3]. - The gold sector has seen substantial gains, with stocks like Xiaocheng Technology and Zhongjin Gold reaching new highs, and some stocks increasing over 170% year-to-date [5][6]. Group 2: Investment Behavior - SPDR has significantly increased its gold holdings, adding 18.9 tons on September 19 and 6.01 tons on September 22 [4]. - Investors are actively buying gold ETFs despite concerns about high prices, with one investor noting that every sale has felt like a mistake due to continuous price increases [5]. - The demand for gold in asset allocation is rising, with nearly 45% of FOF products now holding gold ETFs, up from 192 products last year [9]. Group 3: Market Analysis and Predictions - Analysts predict that gold prices will continue to rise due to the Federal Reserve's interest rate cuts and ongoing geopolitical risks, which are expected to support gold as a safe-haven asset [6][8]. - Deutsche Bank attributes the record high gold prices to heightened risk aversion among investors, who are wary of potential downturns in the stock market [8]. - Long-term forecasts suggest that gold prices could reach $4,000 to $5,000 per ounce by 2026, driven by various economic factors [8]. Group 4: Impact on Companies - The surge in gold prices has created favorable conditions for gold companies to enter the capital market, exemplified by Zijin Mining's plans for an IPO of its subsidiary, which could achieve a market valuation of approximately HKD 187.85 billion [10].