接连突破每盎司3000、4000美元两大整数关口！数据显示，国际金价今年以来的涨幅已超过51%。这意味着，2025年可能成为1979年以来金 价涨幅最大的一年。 受到国际金价带动，国内金价近日延续上行势头。10月10日，周大福等品牌足金饰品价格达每克1168元左右，较9月末单克上涨45元。金价缘 何一路高歌？后续走势如何？ 近50年最强涨势 在经历国庆中秋假期8天的休市后，上海黄金交易所、上海期货交易所于10月9日恢复交易。当日，上海黄金交易所AU99.99价格收于每克 911.5元，上海期货交易所上市的黄金期货主力合约收于每克914.3元，均较9月30日涨超4.5%。 "金价涨得比较快，国庆中秋长假期间，有时候一天调价两次，'黄金周'成为货真价实的'黄金'周。"深圳水贝万山珠宝商业中心金店柜员陈锦 妍说。 一位前来采购金饰的顾客分享道，自己曾因金价高反对儿子买20克金手串，没想到儿子购入短短20天竟升值900多元。"看来黄金还是能保 值，我也准备买点金饰。" 地缘政治变动和全球经济不确定性加剧、美联储降息、全球央行购金等，是此轮黄金走强的重要推动因素。 从短期来看，10月份以来，美国政府"停摆"等是黄金大幅 ...

不过，瑞银仍认为，黄金市场的基本面依然强劲，尤其是在全球央行持续购金的背景下，黄金的需求将 继续保持稳健。预计随着经济不确定性和市场波动性的增加，黄金将继续作为避险资产受到投资者青 睐。 瑞银近日发布报告表示，尽管金价在过去一段时间表现强劲，但预计在短期内可能会出现回调。然而， 该行仍看好黄金的长期前景，并预测金价将在未来几个月升至每盎司4200美元。 瑞银分析师指出，金价目前受到多重因素的支撑，包括全球经济不确定性、地缘政治风险以及通胀压力 等。然而，随着市场对美联储加息政策的逐步消化，金价可能会出现阶段性的调整。 该行还表示，尽管短期内可能面临调整，但在未来几个月，金价有望恢复上涨趋势，并可能突破历史新 高，攀升至每盎司4200美元。 随着全球经济环境的变化，瑞银对金价走势持乐观态度，并认为黄金仍将在未来几年内占据重要的投资 地位。 ...

继紫金矿业旗下境外黄金板块赴港上市之后，山金国际黄金股份有限公司（000975.SZ）（下称"山金国 际"）也向港交所提交了上市申请书，推进"A+H"双上市布局。 对于矿企纷纷瞄准港股的局面，9月27日，业内专家向《华夏时报》记者分析指出，港股市场具有高度 国际化和流动性的特点，可助力黄金业务扩张所需资本。同时，香港监管环境相对灵活高效，便于公司 快速完成上市流程。 在高金价、成本控制、快速增储等方面的支撑下，山金国际展现了强势的盈利能力，今年上半年黄金业 务毛利率逼近80%。而近期黄金价格再次刷新历史，保持在超过3700美元/盎司的高位。 但对于未来金价的走势市场上传出了不同的声音，有分析人士向《华夏时报》记者指出，如果美联储维 持宽松政策，金价可能仍有上行空间，但需警惕经济复苏加速或政策转向带来的回调风险。 另外，记者还注意到，除了面临金价回调的压力，山金国际相比头部金企而言，总体量较小，资源储备 较弱，且面临的市场竞争正日趋激烈。 矿业巨头接连瞄准港股 黄金巨头们在资本市场的欲求越来越高。9月14日，紫金矿业计划将旗下国际金矿业务紫金黄金国际有 限公司（下称"紫金国际"）通过联交所的上市聆讯。紧随其后， ...

Core Viewpoint - Gold prices experienced fluctuations due to a combination of strong U.S. economic data and geopolitical tensions, with support from market buying interest and the performance of other precious metals [2][3]. Fundamental Analysis - Recent U.S. economic data exceeded expectations, with Q2 GDP growth revised up to 3.8% and initial jobless claims falling to 218,000, below the anticipated 235,000 [2]. - The strong economic indicators have bolstered the U.S. dollar, which rose to a three-week high, increasing the holding costs of gold as it is priced in dollars [2]. - Market expectations for a Federal Reserve rate cut in October decreased slightly from 90% to 85%, further pressuring gold prices [2]. - Geopolitical risks, particularly in the Middle East and the ongoing Russia-Ukraine conflict, have heightened gold's appeal as a safe-haven asset [2]. - Active buying interest in the market has provided strong support for gold prices, with silver and platinum reaching multi-year highs, indicating sustained interest in precious metals [2]. Technical Analysis - On the daily chart, gold faced resistance at the 5-day moving average, with a critical support level at the 10-day moving average around 3705 [6]. - The recent price action shows a downward trend in daily highs, suggesting a continuation of a weak market sentiment unless gold can break above the resistance at 3762 [6]. - The four-hour chart indicates a stalemate between bulls and bears, with key levels at 3717 for support and 3762 for resistance, which will dictate the market direction [9]. Key Upcoming Events - The market is closely watching the upcoming U.S. PCE data and personal spending figures, as these will significantly influence gold's future trajectory [3][11]. - The core PCE price index is expected to rise by 0.3% month-over-month and 2.7% year-over-year, with potential implications for Federal Reserve policy and gold prices [3].

Group 1 - The core viewpoint of the articles highlights the recent fluctuations in gold prices and the performance of gold ETFs, influenced by economic data and Federal Reserve statements [1][2]. - As of September 25, 2025, the gold ETF (159937) decreased by 0.62%, with a latest price of 8.12 yuan, while it saw a cumulative increase of 2.74% over the past week [1]. - The liquidity of the gold ETF was notable, with a turnover rate of 1.47% and a transaction volume of 4.33 billion yuan, ranking it among the top two comparable funds in terms of average daily trading volume of 10.87 billion yuan over the past week [1]. Group 2 - Federal Reserve Chairman Jerome Powell's recent comments indicated that U.S. stock valuations are "quite high," and he reiterated the dual challenges of rising inflation and declining employment, which negatively impacted market sentiment [2]. - The U.S. Commerce Department reported that new home sales for August reached an annualized total of 800,000 units, significantly exceeding expectations of 650,000 units, marking a month-over-month increase of 20.5% [1][2]. - The gold ETF experienced a net inflow of funds over the past three days, with a peak single-day inflow of 347 million yuan, totaling 497 million yuan, and an average daily net inflow of 166 million yuan [2].

Group 1 - Gold prices experienced fluctuations due to hawkish statements from Powell and a significant increase in new home sales data, closing down 1.24% at $3768.5 per ounce [1] - The U.S. Commerce Department reported that new home sales in August reached an annualized total of 800,000 units, exceeding expectations of 650,000 units, marking a month-over-month increase of 20.5%, the fastest growth since early 2022 [1] - The inventory of new homes for sale dropped to 490,000 units, the lowest level this year, indicating a potential easing of economic concerns in the U.S. [1] Group 2 - Powell's remarks indicated that U.S. stock valuations are "quite high," reiterating the dual challenges of rising inflation and declining employment faced by the Federal Reserve [1] - The market is still processing Powell's hawkish comments, leading to a decline in U.S. Treasury prices and an increase in yields approaching two-week highs [1] - The U.S. dollar index rebounded to a near two-week high, which has put additional pressure on gold prices [1] Group 3 - Upcoming economic indicators to watch include the final GDP figures for Q2 and the PCE data for August, which could influence future interest rate decisions and gold price movements [1]

Core Viewpoint - Gold prices experienced fluctuations due to hawkish comments from Powell and a significant increase in new home sales data, leading to a decline in gold futures by 1.24% to $3768.5 per ounce [1] Economic Data - The U.S. Commerce Department reported that new home sales in August reached an annualized total of 800,000 units, significantly exceeding the expected 650,000 units, marking a month-over-month increase of 20.5%, the fastest growth since early 2022 [1] - The inventory of new homes for sale dropped to 490,000 units, the lowest level this year [1] Market Sentiment - Market concerns regarding the U.S. economy have diminished, contributing to the adjustment in gold prices [1] - Powell's remarks indicated that U.S. stock valuations are "quite high," reiterating the dual challenges of rising inflation and declining employment faced by the Federal Reserve [1] - The market is still processing Powell's hawkish statements, leading to a decline in U.S. Treasury prices and an increase in yields approaching a two-week high [1] Currency and Future Outlook - The U.S. dollar index rebounded to a near two-week high, which has exerted downward pressure on gold prices [1] - Upcoming economic indicators, including the final Q2 GDP and August PCE data, are critical; a downward adjustment in GDP could strengthen expectations for potential interest rate cuts in the future, possibly providing upward momentum for gold prices [1]

Core Viewpoint - The international gold price continues to rise, with a significant increase of approximately 42% this year, driven by central bank gold purchases, changes in Federal Reserve policy expectations, and safe-haven demand [1][2]. Group 1: Market Performance - On September 23, the spot gold opened at $3,745.77, reached a high of $3,791.08, and closed at $3,763.66, marking an increase of $17.82 or 0.48% [1]. - The gold price has shown a strong upward trend, with over 40 days of hitting historical highs, indicating a robust market condition [2]. Group 2: Federal Reserve Influence - Federal Reserve Chairman Jerome Powell indicated that the current interest rate stance remains "slightly tight," while acknowledging challenges in achieving stable inflation and a healthy labor market [1]. - The market maintains expectations for a dovish Federal Reserve despite Powell's cautious tone, reflecting ongoing support for gold prices [1]. Group 3: Technical Analysis - The gold price has accumulated a rise of nearly $500 since its low of $3,311, but the potential for profit-taking adjustments is increasing [2]. - Short-term technical targets are set around $3,780 and $3,800, with support levels identified at approximately $3,750 and $3,735 [2].

Core Viewpoint - Gold prices stabilized around $3,650 following a 25 basis point rate cut by the Federal Reserve, which hinted at further easing in the coming months, but did not meet the dovish expectations of investors [1] Group 1: Market Sentiment - Market sentiment remains bullish but has noticeably cooled, as the Federal Reserve did not provide the dovish guidance needed to push gold prices higher [1] - The prediction of only one rate cut in 2026 exceeded market pricing, leading to increased yields and a stronger dollar [1] Group 2: Future Outlook - A reversal of the current trend is necessary to support gold prices in breaking through the $3,700 level [1] - Weak U.S. economic data could act as a catalyst for this reversal [1]

Group 1 - The international gold market is showing signs of recovery after a recent decline, supported by a weakening US dollar [1] - Despite a temporary rebound, the overall trend for gold prices remains bearish in the short term, with expectations for a long-term bullish outlook [1] - The market anticipates that upcoming economic data from the US, including initial jobless claims and the Philadelphia Fed manufacturing index, may positively influence gold prices [3] Group 2 - Gold prices have encountered resistance and experienced a pullback, but the recent upward trend remains intact, indicating bullish sentiment [3] - Key support levels to watch include the 10-day moving average and the mid-line support, which may present opportunities for bullish entries [3]