现货黄金重回4500美元，年内涨幅一度归零

Core Viewpoint - The article discusses the recent decline in gold prices despite geopolitical tensions, highlighting a shift in market dynamics where traditional safe-haven attributes of gold are being overshadowed by a strong US dollar and tightening liquidity conditions [2][3][4]. Group 1: Market Dynamics - Gold prices have recently dropped significantly, with international gold prices falling below $4100 per ounce for the first time since November 24, erasing all gains for the year [1]. - The Shanghai Gold Exchange has noted increased volatility in precious metal prices due to various market instability factors, urging investors to manage risks carefully [1]. Group 2: Geopolitical Impact - The ongoing tensions between the US and Iran have not led to the expected rise in gold prices, as the market is currently influenced more by a strong dollar and rising real interest rates [3][4]. - Analysts suggest that if the geopolitical situation escalates further, it could prolong the current downward adjustment in gold prices, while a significant reversal in the Iran situation could stabilize gold prices more quickly [3][6]. Group 3: Economic Factors - Rising oil prices due to geopolitical risks are affecting inflation expectations and market perceptions of Federal Reserve monetary policy, leading to a decrease in gold's appeal as a safe-haven asset [3][5]. - The dollar's status as a preferred safe-haven asset has strengthened, attracting funds that might have otherwise flowed into gold, resulting in a "dollar up, gold down" scenario [4][5]. Group 4: Future Outlook - Despite the current downturn, long-term support for gold prices remains, driven by central bank purchases and weakening dollar credibility [7][8]. - Analysts believe that once the current liquidity crisis subsides, gold prices may stabilize and potentially rise again, with the market closely watching Federal Reserve policy changes [7][8].