年内暴涨超50%！现货黄金历史性突破4000美元大关，还能涨多少？

Core Viewpoint - Investors are flocking to the gold market seeking refuge amid escalating global economic and geopolitical risks, with gold prices surging over 50% this year, reaching a historic high of $4000 per ounce [1][6][2]. Group 1: Economic and Geopolitical Context - The recent surge in gold prices is attributed to multiple factors, including the U.S. government shutdown, a pullback in tech stocks, and global political uncertainties [5][9]. - The political crisis in France and leadership changes in Japan have heightened risk aversion, further solidifying gold's status as a safe haven [6][13]. Group 2: Market Dynamics - The ongoing U.S. government shutdown has delayed key economic data releases, increasing uncertainty around Federal Reserve policy decisions, which typically boosts the appeal of non-yielding assets like gold [10][11]. - Market speculation suggests that the Federal Reserve may cut interest rates by 25 basis points this month, which would lower the opportunity cost of holding gold [12]. Group 3: Institutional Demand and Long-term Trends - A broader narrative of "de-dollarization" and "de-globalization" is providing structural support for gold's long-term price increase, driven by aggressive U.S. trade policies [14][15]. - Strong demand from institutional investors, including central banks, has been a significant feature of the current bull market, with reports indicating that the People's Bank of China has increased its gold reserves for 11 consecutive months [16]. Group 4: Price Predictions and Investor Sentiment - Goldman Sachs has raised its gold price forecast for December 2026 from $4300 to $4900, citing continued inflows into ETFs and central bank purchases [17]. - Despite the potential for short-term corrections due to rapid price increases, many strategists recommend that investors allocate a higher percentage of their portfolios to gold as a hedge against dollar risks [18][19].