Group 1 - The core viewpoint of the articles highlights the significant impact of geopolitical tensions, particularly the conflict between Israel and Iran, on gold prices, with historical data showing a tendency for gold prices to rise during military confrontations in the Middle East [1][3] - Central banks have been on a gold purchasing spree, with annual purchases exceeding 1000 tons for three consecutive years, and a notable increase in purchases in late 2024 and early 2025, indicating sustained demand for gold as a reserve asset [1][2] - The shift in global reserve assets is evident, with gold surpassing the euro to become the second-largest reserve asset globally, now accounting for 21% of total reserves, while the dollar's share has decreased from 72% in 2000 to 58% [2] Group 2 - Three potential scenarios for future gold price movements are outlined: a possible price correction if the Iran conflict does not escalate, a significant price increase if the U.S. engages in direct conflict with Iran, and a sustained demand for gold if there is a large-scale sell-off in the U.S. bond market [3][4] - The ongoing bull market for gold in the first half of 2025 is driven by trade tensions and the continued trend of central banks purchasing gold, alongside a global shift away from the dollar, positioning gold as a key strategic asset in a multipolar world [4]

2025年4月16日至5月13日，黄金市场呈现先扬后抑的剧烈波动格局，价格走势与地缘政治风险、美联储政策预期及中美关税冲突的演变高度相关。 4月中旬，市场因关税升级担忧推动金价创历史新高，但随着5月初关税缓和信号释放，黄金遭遇阶段性抛售。 中长期来看，全球央行购金潮及美元信用体系重构仍为黄金提供支撑，但短期内需警惕风险偏好回升带来的调整压力。 具体来看： 第一阶段（4.16-4.22） 避险情绪主导价格突破历史高位 4月16日伦敦现货黄金突破3274美元/盎司。 此阶段核心驱动因素包括：中美关税冲突升级、俄乌冲突停火谈判反复及中东局势紧张、美联储降息预期提前至6月。 第二阶段（4.23-5.6） 流动性危机与政策博弈加剧波动 4月下旬金价进入宽幅震荡区间，伦敦现货黄金在3200-3500美元/盎司间剧烈波动。 关键影响因素包括：美国对欧盟、日韩等盟友加征关税引发市场流动性紧缩，黄金遭遇无差别抛售、美联储5月议息会议维持利率不变，鲍威尔强调"不急 于降息"，实际利率反弹压制金价。 第三阶段（5.7-5.13） 关税缓和触发深度回调 5月12日中美发布联合声明，宣布暂停24%的相互加征关税，黄金当日暴跌近50美元 ...