见证历史！金价，新纪录！

Core Viewpoint - The article discusses the recent surge in gold prices, reaching historical highs, driven by factors such as Federal Reserve interest rate cuts and geopolitical uncertainties [3][4]. Group 1: Gold Price Trends - On September 29, spot gold prices reached $3,800 per ounce, marking a new historical record [1]. - COMEX gold also hit a record high of $3,840.4 per ounce [5]. - Year-to-date, gold prices have shown a trend of continuous increase, breaking out of a previous consolidation phase since May [3]. Group 2: Federal Reserve Actions - On September 17, the Federal Reserve announced a 25 basis point interest rate cut and indicated further cuts may occur by the end of the year [3]. - The CME trading expectations suggest a 91.9% probability of another rate cut in October and a 78.6% chance in December [3]. Group 3: Market Predictions - Major financial institutions like JPMorgan and UBS have raised their gold price forecasts, with JPMorgan predicting prices could reach $3,800 per ounce by Q4 2025 and exceed $4,000 in Q1 2026 [4]. - UBS has adjusted its forecast for gold prices to $3,800 per ounce by the end of 2025, up from a previous estimate of $3,500 [4]. Group 4: Demand Dynamics - The demand for gold from global ETFs has entered a replenishment phase since the second half of 2024, with significant shifts in buying power reflecting changes in market pricing narratives [3]. - The narrative around gold has shifted from "de-dollarization" to a focus on interest rate cuts, influencing macro pricing for gold [3].