4月11日早上， 现货黄金站上3 2 0 0美元/盎司，再创历史新高。 COMEX黄金期货早盘一度触及3 2 4 0美元/盎司，再度刷新历史高位；上海金大 涨2 . 5%，早盘一度突破7 6 0元。 | | | 贵金属 | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | 年初至今 | | SHEE慎等 | 762.30 | 25.00 | 3.39% | 22.79% | | SGE黄金T+D | 760.55 | 22.26 | 3.02% | 23.70% | | SGE車等9999 | 761.20 | 19.94 | 2.69% | 23.81% | | 上海美 | 760.66 | 17.71 | 2.38% | 23.43% | 4月11日早盘，黄金相关ETF集体走强，多只黄金ETF涨超3%，黄金股票ETF基金涨幅超9%。 | 名称 | 现价 | | | | --- | --- | --- | --- | | 黄金股票ETF基金 | 1.078 | 0.090 9.11% | | | 黄金ETFAU T+0 | 7.562 ...

Core Insights - The surge in international gold prices since March 2025 reflects deeper shifts in the global economic order rather than just traditional safe-haven logic [1] - The rise in gold prices is attributed to geopolitical conflicts, trade tensions, and recession expectations, but these short-term factors do not fully explain the sustained increase in gold prices [1] Group 1: Structural Changes in the Global Monetary System - The structural collapse of dollar credit is highlighted by the U.S. national debt exceeding $40 trillion, raising concerns about the stability of dollar assets [3] - Major Asian central banks are planning to increase their gold reserves from 8% to 20%-30%, indicating a decline in trust towards the dollar [3] Group 2: Central Bank Gold Purchases - Global central bank gold purchases exceeded 1,000 tons for the third consecutive year in 2024, with expectations to reach 1,300 tons in 2025 [4] - This shift in strategy from "risk diversification" to "actively building a non-dollar reserve system" signifies a return of gold's monetary attributes [4] Group 3: Transformation of Gold's Financial Attributes - Gold is regaining its function as a "non-sovereign credit medium," with its ability to hedge against inflation and economic contraction being emphasized [5] - The World Gold Council reports a 35% year-on-year increase in individual investors' allocation to gold ETFs in 2025, showcasing gold's potential as a "digital asset safe haven" [5] Group 4: Challenges to Gold's Monetary Anchor Status - The expansion of gold ETFs has increased trading convenience but also led to greater price volatility, undermining its stability as a store of value [7] - Central banks may intervene in the market by selling gold, creating a policy-market dynamic that could affect gold prices [7] Group 5: Future Outlook for Gold - Predictions suggest that gold's monetization process may evolve in three phases: short-term price stabilization between $3,300 and $3,800, mid-term increases in central bank gold reserves, and long-term potential for gold to serve as a common currency in a multipolar monetary system [8] - The rise in gold prices is seen as part of a silent monetary revolution, with gold transitioning from a "last resort" to a commanding role in global value storage [10]