为什么2025年金价升升不息？

Core Viewpoint - The article highlights the significant performance of the S&P 500 index and gold prices in 2025, with the S&P 500 rising by 17.48% and gold prices soaring by 71% to around $4,514 per ounce, suggesting a shift in investment preferences towards gold as a safe haven asset amid market volatility [1][2]. Group 1: Market Conditions and Influences - The rise in gold prices is attributed to various market disturbances, including trade policy disruptions, ongoing geopolitical conflicts, concerns over technology stock bubbles, and persistent inflation, leading investors to seek gold as a hedge against these risks [5]. - A study from Duke University's Fuqua School of Business indicates that the introduction of gold exchange-traded funds (ETFs) in 2004 has permanently elevated gold prices, making gold investment as accessible as stock purchases, with North American gold ETFs nearing $200 billion and those outside the U.S. at $175 billion [5][6]. Group 2: Future Outlook and Comparisons - Recent developments in tokenized gold stablecoins may further drive gold prices higher, as these cryptocurrencies are backed by gold reserves and can be used as collateral for investments in other risk assets [6]. - Despite the current bullish sentiment, the researchers caution that gold may not be a reliable long-term hedge against inflation due to its high price volatility compared to the low volatility of inflation, which could lead to potential losses for investors relying on gold to outpace inflation [7]. - Historical data over the past 40 years shows that gold prices may enter prolonged downtrends, and comparisons with the S&P 500 index over the last 20 years indicate that equities have outperformed gold significantly [9][12].