黄金大波动！一度突破5600美元

Core Viewpoint - The article discusses the significant fluctuations in gold prices, with COMEX gold reaching a historical high of $5626.8 per ounce, driven by comments from Federal Reserve Chairman Jerome Powell regarding inflation and the independence of the central bank [2][6]. Group 1: Gold Price Movements - Gold futures and spot prices experienced substantial volatility, with COMEX gold briefly surpassing $5600 before retreating over $100 [2]. - The highest price recorded was $5626.8 per ounce, while the lowest was $5449.4 [3]. Group 2: Federal Reserve's Influence - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, aligning with market expectations [6]. - Powell indicated that inflation is primarily driven by tariffs rather than demand factors, which led to a rapid increase in spot gold prices following the announcement [6][7]. - Powell's remarks about the need for the next Fed chair to maintain a distance from political influences were interpreted as a warning about potential risks to the Fed's independence [7]. Group 3: Market Reactions and Trends - The market is reassessing inflationary pressures and the credibility of the dollar, leading to increased investment in gold as a safe haven [6][7]. - Standard Chartered noted that expectations for Fed rate cuts by 2026 would lower the opportunity cost of holding gold, further supporting its long-term upward trend [7]. - The scale of gold-themed funds approached 380 billion yuan, reflecting a 35.7% increase since the end of the previous year, indicating strong interest from both institutional and individual investors [7]. Group 4: Underlying Factors Supporting Gold Prices - Economic and policy uncertainties, along with increased purchases by central banks, have significantly influenced gold pricing [8]. - The current high U.S. fiscal deficit and weakening dollar credibility, combined with global central banks' continued accumulation of gold, form the foundational logic supporting gold prices [8].