受贸易摩擦加剧、美国政策反复、地缘政治热点事件层出不穷的影响，各国央行，尤其是新兴市场国家 的储备战略开启"去美元化"，倾向于通过增持黄金来对冲美元体系可能出现的结构性风险。 近日，黄金涨势如虹，在一众投资品中格外吸睛，频频刷新历史新高。北京时间9月23日，现货黄金最 高涨至3791美元/盎司，黄金期货更是最高突破3800美元/盎司，双双续写最佳成绩。 美联储降息背后，往往是经济增长放缓、通胀回落甚至出现衰退风险的信号。这一动作所带来的利率和 汇率的变动，将会同时影响全球资金流动状况，自然也会引发各类资产价格的重新评估。 对于黄金而言，理论上，降息利好兑现后，金价容易震荡承压，然而市场表现却颠覆了这一预期。 在降息前，黄金已开启了一波连续上涨势头，现货黄金从8月26日的3338美元/盎司涨至9月17日的3700 美元/盎司，不断刷新历史高位。 降息后短短几天，金价不仅未回调，反而持续冲高。拉长时间来看，现货黄金在2023年和2024年已连续 上涨，累计涨幅达44.1%。在此基础之上，今年以来的涨势进一步加速，不仅30余次刷新历史新高，累 计涨幅也已超过43%。 黄金持续走高的同时，也刷新了大众对于黄金投资的认 ...

Core Viewpoint - The Federal Reserve's interest rate cut has triggered a global capital migration, with gold emerging as the biggest winner, reaching historical highs in recent weeks [1]. Group 1: Gold Price Movement - Gold prices have surged significantly, with spot gold reaching a high of $3,791 per ounce and gold futures surpassing $3,800 per ounce [1]. - Prior to the interest rate cut, spot gold rose from $3,338 per ounce on August 26 to $3,700 per ounce by September 17, marking a continuous upward trend [2]. - Following the rate cut, gold prices continued to rise rather than decline, with a cumulative increase of 44.1% in 2023 and 2024 [2]. Group 2: Changing Perception of Gold Investment - The perception of gold as an investment has shifted from merely a safe haven to a strategic asset for countries aiming to hedge against fluctuations in the global credit system [2]. - Central banks, particularly in emerging markets, are increasingly adopting a "de-dollarization" strategy by accumulating gold to mitigate structural risks associated with the dollar [2]. Group 3: Central Bank Gold Purchases - Global central banks have net purchased over 1,000 tons of gold for three consecutive years, a level of intensity not seen in a long time, with this trend expected to continue into 2025 [3]. - The share of gold in international reserves has surpassed that of the euro, making it the second-largest reserve asset after the dollar [3]. - Gold is becoming a new anchor in the global monetary trust system, challenging the foundational role of U.S. Treasury bonds in the modern financial system [3].

Core Viewpoint - The meeting between Chinese President Xi Jinping and Russian President Vladimir Putin emphasizes the importance of deepening Sino-Russian relations to promote mutual development and uphold international justice and reform global governance systems [1]. Group 1: Historical Context - This year marks the 80th anniversary of the victory in the Chinese People's Anti-Japanese War, the Soviet Great Patriotic War, and the global anti-fascist war, highlighting the sacrifices made by both nations for world peace and human progress [1]. Group 2: Current International Climate - In the face of rising unilateralism and hegemonic actions globally, China and Russia are committed to fulfilling their responsibilities as major world powers and permanent members of the UN Security Council, advocating for a correct view of World War II history [1]. - Both countries aim to safeguard their rights and those of developing nations, promoting a multipolar world and inclusive economic globalization [1].

Core Viewpoint - The meeting between Russian President Putin and Chinese President Xi Jinping emphasizes the importance of deepening Sino-Russian relations as a means to promote mutual development and uphold international justice [2]. Group 1 - Xi Jinping expressed his pleasure in visiting Russia again to attend the 80th anniversary celebration of the victory in the Great Patriotic War, highlighting the historical significance of the event [2]. - The leaders acknowledged the sacrifices made by the Chinese and Russian people during World War II, which contributed to global peace and progress [2]. - In the face of rising unilateralism and hegemonic actions internationally, China and Russia aim to uphold their responsibilities as major world powers and permanent members of the UN Security Council [2].