Core Viewpoint - Gold prices have reached a new historical high, driven by factors such as expectations of interest rate cuts by the Federal Reserve, geopolitical risks, and increased demand from global central banks [1][2]. Group 1: Price Movement - On September 9, the spot price of gold in London hit a record high of $3,659.38 per ounce, surpassing the previous high of $3,646.46 per ounce on September 8 [1]. - As of September 9, the spot price was reported at $3,653.37 per ounce, reflecting a month-on-month increase of over 7% and a year-to-date increase of over $1,000, or more than 38% [1]. Group 2: Factors Influencing Gold Prices - The rise in gold prices is attributed to several factors, including the weaker-than-expected U.S. non-farm payroll data for August, a slight increase in the unemployment rate, and the resulting market speculation regarding the extent and frequency of potential interest rate cuts by the Federal Reserve [1]. - The decline in the U.S. dollar index and U.S. Treasury yields, driven by expectations of interest rate cuts, has also supported gold prices [1]. - Increased gold purchases by global central banks have been noted, with the World Gold Council reporting that central banks added 166 tons of gold in the second quarter of this year [1]. Group 3: Future Outlook - Short-term expectations suggest that gold prices may continue to rise, although technical adjustments could occur [2]. - Long-term projections indicate that gold prices are likely to trend upwards due to ongoing support from interest rate cuts and strong central bank demand for gold [2]. - The market's ongoing uncertainty regarding U.S. monetary policy and geopolitical risks is expected to sustain demand for gold as a safe-haven asset [2].