后市来看，"宏观不确定性和各国央行购金仍是黄金底部支撑，但需警惕急涨后的获利了结回调。"黄加 奇表示。 新华财经北京1月28日电 1月以来黄金呈现宽幅上涨走势。1月28日早盘，国际金价突破5200美元／盎司 关口；国内99.99%现货黄金报1137.35元／克，相较月初累计上涨15.03%。 卓创资讯分析师黄加奇表示，驱动黄金上涨的逻辑主要为对传统信用货币体系可靠性的担忧、美指下调 和地缘碎片化风险。首先，特朗普持续施压美联储主席鲍威尔，美联储在利率决策问题上的独立性受到 冲击。其次，美国攫取委内瑞拉石油和拟通过关税谋取格陵兰岛控制权的行为，引发全球对美元资产的 担忧，而特朗普最新表态认为美元正回归应有的水平，美指走弱支撑黄金。最后，东欧和平框架迟迟未 能达成，以伊朗为代表的中东地缘扰动再起，凸显黄金避险价值。 （文章来源：新华财经） ...

Core Viewpoint - Gold prices have experienced significant increases since January, driven by concerns over the reliability of traditional fiat currency systems, a decline in the US dollar index, and geopolitical fragmentation risks [1] Group 1: Gold Price Movement - As of January 28, the domestic 99.99% spot gold price reached 1137.35 yuan per gram, marking a cumulative increase of 15.03% since the beginning of the month [1] Group 2: Drivers of Gold Price Increase - Concerns over the independence of the Federal Reserve's interest rate decisions have been heightened by Trump's pressure on Fed Chairman Powell to resign [1] - The US's actions regarding Venezuelan oil and potential tariffs to gain control over Greenland have raised global concerns about dollar-denominated assets [1] - Trump's recent comments suggest that the dollar is returning to its rightful level, contributing to the weakening of the US dollar index, which supports gold prices [1] Group 3: Geopolitical Factors - The failure to reach a peace framework in Eastern Europe and renewed geopolitical tensions in the Middle East, particularly with Iran, highlight gold's value as a safe-haven asset [1] Group 4: Future Outlook - Macro uncertainties and continued gold purchases by central banks are expected to support gold prices at their current levels, although caution is advised regarding potential profit-taking corrections after rapid price increases [1]

Core Viewpoint - The article discusses the significant rise in gold and silver prices, attributing it to a profound shift in global financial order and the erosion of trust in the US dollar as a stable asset [1][2]. Group 1: Dollar Credibility - The dollar's credibility has been compromised since certain foreign exchange reserves were "frozen" in 2022, leading to a strategic shift where gold has become a core asset rather than a backup [1]. - Central banks are increasingly purchasing gold and repatriating it, indicating a long-term asset migration driven by national security concerns and a move towards "de-dollarization" [2]. Group 2: US Fiscal Policy and Federal Reserve Actions - The US government is projected to increase its deficit by $4.1 trillion over the next decade, flooding the market with US debt, which diminishes the value of the dollar [3]. - The Federal Reserve's independence is under threat, with its potential shift from controlling inflation to financing fiscal deficits, further enhancing gold's appeal as a safe-haven asset [3]. Group 3: Supply Chain and Industrial Demand - Global trade uncertainties and tariff wars are increasing demand for safe-haven assets like gold, while simultaneously disrupting supply chains, particularly affecting silver, which is crucial for green technologies [4]. - The mismatch between soaring demand for silver in industries and supply chain disruptions has created a narrative of "industrial shortage," driving up silver prices significantly [4]. Group 4: Future Outlook - The current market dynamics suggest that the rise in gold and silver prices may not be a cyclical peak but rather the beginning of a new, larger cycle driven by long-term structural trends such as "de-dollarization" and geopolitical fragmentation [5]. - The nature of market participation is shifting from speculative buying to a consensus-driven allocation of global funds, indicating a transition from a "slow bull" to a "crazy bull" market [5]. - Silver is gaining recognition for its independent industrial demand, moving beyond its traditional role as a shadow of gold [6].