【1月7日南非基准股指市值升至2019年以来最高】因南非兰特走强、金属价格飙升，南非基准股指市值 升至2019年以来最高。富时/约翰内斯堡证券交易所非洲全股指数总市值升破5000亿美元，超挪威、马 来西亚和土耳其等国去年同期市场规模。 约翰内斯堡股市去年涨38%，创2005年以来最佳年度表现， 贵金属和矿业股指数领涨。兰特兑美元升值14%，使股指以美元计涨幅扩至57%。 今年以来，该指数已 涨逾2%，兰特随金价走高继续升值。周二，南非兰特一度升至1美元兑16.31兰特，创逾三年新高。 贝 莱德国际主题投资主管称，大宗商品或继续支撑股市，货币购买力走弱下，金价有望延续涨势。 扫码查看原文 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 FOL hexun.com 和而不同 迅达天下 ...

每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 （记者 曾健辉） 每经AI快讯，GQY视讯1月4日晚间发布公告称，公司第八届第六次董事会会议于2026年1月4日在河南 省开封市郑开大道296号自贸大厦B座5楼会议室以现场及通讯方式召开。会议审议了《关于聘任公司董 事会秘书的议案》等文件。 ...

Core Viewpoint - The article discusses whether gold has experienced an "excessive surge" in value, drawing historical comparisons to assess current market conditions and trends [2] Group 1 - Historical data indicates that gold prices have seen significant fluctuations, with notable peaks and troughs that reflect broader economic conditions [2] - The current price of gold is analyzed in relation to past performance, suggesting that recent increases may not be sustainable [2] - The article emphasizes the importance of understanding macroeconomic factors that influence gold prices, such as inflation and geopolitical tensions [2] Group 2 - The analysis includes a comparison of gold's performance against other asset classes, highlighting its role as a safe haven during times of uncertainty [2] - The potential for future price corrections is discussed, with references to historical patterns of gold price behavior [2] - The article concludes by urging investors to consider both historical context and current market dynamics when evaluating gold as an investment [2]

【12月16日市场分析师前瞻美国11月非农数据】12月16日，市场分析师前瞻美国11月非农，市场预期就 业数据疲软，约为5万左右，失业率或升至4.5%。若数据出现下行意外，可能使美联储下一次降息预期 提前，进而支撑金价。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...

北京时间12月11日凌晨，美国联邦储备委员会（美联储）结束为期两天的货币政策会议，宣布将联邦基 金利率目标区间降至3.5%至3.75%，符合市场预期。 这是美联储货币政策会议自9月以来连续第三次降息，也是自2024年9月启动本轮降息周期以来第六次降 息。 如果说降息25个基点是早已剧透的 "明牌"，那么真正牵动市场神经的，恰恰是这张 "明牌" 背后的 "表 情与语气"—— 美联储的政策措辞、内部分歧以及未来的降息路径指引。 那么，除降息以外，美联储这场"年终大戏"，还有哪些弦外之音？ 防范劳动力市场疲软 策没有预设路径，将"逐次会议决定"。 粤开证券首席经济学家罗志恒将鲍威尔的讲话定义为 "中性偏鸽"：没有释放暂停降息的信号，对明年1 月的会议保持开放态度，同时对就业市场态度谨慎，多次提及官方就业数据可能高估、实际新增就业或 为负数；而对通胀回落则相对乐观，认为关税对物价的影响更偏向 "一次性冲击"。 广开首席产研院资深研究员刘涛对风口财经记者表示，从会议情况来看，本次降息的核心动因是就业市 场走弱。今年前三季度，美国失业率分别为4.0%、4.2%、4.4%，虽低于4.5%的红线，但连续三个季度 上行，且显著 ...

Core Insights - Global gold demand is expected to remain resilient in Q4, with a potential seasonal rebound in the Chinese market driven by holidays [1] - The World Gold Council (WGC) indicates that geopolitical uncertainties and anticipated interest rate cuts in Q4 will continue to support global gold demand [1] - Investment demand remains dominant, with record high global gold demand in Q3 2025, primarily driven by gold bars and coins [1][2] Group 1: Global Gold Demand - In Q3 2025, global gold demand reached a record high of 1,313 tons, a 3% year-on-year increase, with total demand value rising 44% to $146 billion [1] - Investment demand accounted for 40.9% of total gold demand, with gold bar and coin demand exceeding 300 tons for the fourth consecutive quarter, totaling 316 tons [1] - Central bank gold purchases remained high at 220 tons in Q3, a 28% increase quarter-on-quarter, despite a slowdown in cumulative purchases compared to the previous year [1] Group 2: Chinese Gold Market - In Q3 2025, China's retail gold investment and consumption demand totaled 152 tons, a 7% year-on-year decline, marking the weakest Q3 since 2009 [3] - However, the monetary value of this demand reached 120.4 billion RMB (approximately $16.9 billion), a 29% year-on-year increase, indicating a "volume drop, price rise" trend [3] - Gold jewelry demand saw a seasonal rebound, with a quarterly demand of 84 tons, down 18% year-on-year but up 21% quarter-on-quarter, driven by seasonal factors and consumer willingness to purchase despite high prices [3] Group 3: Gold Supply Dynamics - Global gold supply increased only 3% year-on-year to 1,313 tons, with gold mine production and recycled gold contributing 73.8% and 26.2% respectively [2] - The average gold price in Q3 2025 reached $3,457 per ounce, a 40% year-on-year increase, reflecting the disparity between strong demand and limited supply growth [2] Group 4: Gold ETFs in China - In Q3, China's gold ETFs experienced a slight outflow of 3.8 billion RMB (approximately $540 million), ending three consecutive quarters of net inflow [4] - Despite the outflow, the total assets under management (AUM) for gold ETFs grew 11% year-on-year to 168.8 billion RMB (approximately $23.7 billion), reaching a new monthly high [4] - The Chinese official gold reserves increased by 24 tons in the first nine months of the year, with a quarterly increase of 5 tons, marking the fourth consecutive quarter of growth [4]

Report Industry Investment Rating No relevant information provided. Report's Core View - In Q3 2025, global gold demand reached a record high, driven by strong investment demand, while China's gold demand showed a "volume decline but value rise" pattern. Looking ahead to Q4, global gold allocation demand is expected to remain resilient, and China's market may see a holiday-driven uptick [2][8][9] Summary by Related Catalogs Global Gold Demand - In Q3 2025, total global gold demand (including OTC investment) rose about 3% YoY to 1,313 tonnes, with the total value up 44% YoY to $146 billion. Investment demand was the main driver, with bar and coin demand exceeding 300 tonnes for the fourth consecutive quarter and global gold ETF holdings increasing sharply. Central bank gold purchases remained high at 220 tonnes, up 28% QoQ [2] - The breakdown of global gold demand shows that investment/gold jewelry manufacturing/central banks and other institutions/technology use/OTC and other institutions accounted for 40.9%/31.9%/16.7%/6.2%/4.2% respectively. Gold jewelry consumption volume declined 19% YoY to 371 tonnes but the consumption value rose 13% YoY to $41 billion due to high gold prices [2] Global Gold Supply - Amid high prices, total global gold supply rose only 3% YoY to 1,313 tonnes, with mine production and recycled gold accounting for 73.8% and 26.2% respectively, up 2% and 6% YoY. The contrast between demand growth and supply expansion drove prices higher. In Q3 2025, the LBMA average gold price reached $3,457/oz, up 40% YoY and 5% QoQ [4] China's Gold Market - In Q3 2025, China's total retail gold investment and consumption demand was 152 tonnes, down 7% YoY and 38% QoQ, but the value reached RMB 120.4 billion ($16.9 billion), up 29% YoY. Gold jewelry demand accounted for 55.3%, with a volume of 84 tonnes, down 18% YoY but up 21% QoQ, and the retail sales reached RMB 66.5 billion (+14% YoY / +25% QoQ) [8] - Gold bar and coin investment demand rose 19% YoY to 74 tonnes, though down 36% QoQ, and the cumulative 9M25 purchases reached 313 tonnes (+24% YoY). China's gold ETFs had a small outflow of RMB 3.8 billion ($540 million) in Q3 2025, but the AUM still rose 11% QoQ to RMB 168.8 billion. The official gold reserves increased by 24 tonnes YTD, with a 5-tonne increase in Q3 2025, reaching 2,304 tonnes, or 7.7% of foreign exchange reserves [8] Outlook - The World Gold Council believes that geopolitical uncertainty and Q4's rate cut expectations will support global gold allocation demand. In China, Q4 gold jewelry consumption may improve seasonally, but if gold prices remain high, the end - market recovery may be limited. The later Lunar New Year in 2026 may push back retailer restocking and consumer purchases [9]

Gold Price Forecasts - Bank of America and Societe Generale both forecast gold prices to reach $5,000/ounce in 2026 [1] - Standard Chartered raised its average gold price forecast for next year to $4,488/ounce [1] - Goldman Sachs previously increased its 2026 gold target price from $4,300/ounce to $4,900/ounce [1]

Core Viewpoint - International gold prices experienced fluctuations and closed higher, maintaining above the 5-day moving average, indicating a bullish outlook despite weakening bullish signals from indicators [1][3]. Price Movement - Gold opened at $3735.78 per ounce, reached a daily high of $3761.31, and a low of $3722.16, ultimately closing at $3749.12, with a daily range of $39.15 and a gain of $13.34, or 0.36% [3]. Influencing Factors - The decline in initial jobless claims and a significant upward revision of the U.S. Q2 GDP contributed to a strong rebound in the U.S. dollar index, which pressured gold prices initially. However, buying support from bargain hunters and safe-haven demand led to a recovery in gold prices [3]. Market Outlook - On September 26, gold prices showed weakness in early trading, with expectations of continued volatility. The bullish outlook is temporarily hindered by resistance levels and the recent strength of the dollar index, suggesting that gold may remain in a range until it breaks above $3780 or tests the support of the 10-day and 30-day moving averages [3]. Upcoming Data - Key data to watch includes the U.S. August core PCE price index and the final value of the September University of Michigan consumer sentiment index. Market expectations remain unchanged, but recent positive data trends suggest a likelihood of better-than-previous values, which could negatively impact gold prices [3].

Market Performance - The US stock market indices experienced declines, with the Dow Jones falling by 0.55%, the S&P 500 down by 0.69%, and the Nasdaq decreasing by 0.82%. In contrast, the Golden Dragon Index, which reflects the performance of Chinese concept stocks, rose by 0.52% [1]. A-share and Hong Kong Market - The A-share market could not maintain its upward momentum, with the Shanghai Composite Index dropping by 0.45% to close at 3,858 points, and the Shenzhen Component Index falling by 2.14% to 12,553 points, marking a halt after three consecutive rises. The total trading volume in both markets reached 2.9 trillion RMB [2]. - The Hong Kong stock market also showed weakness, with the Hang Seng Index initially rising over 100 points but later declining by more than 200 points to a low of 25,416 points, ultimately closing at 25,496 points, down by 0.47%. The Tech Index closed at 5,728 points, down by 1.2%, with a total trading volume of 328 billion HKD [2]. - Notable declines were observed in technology stocks, with Alibaba falling by 1.75%, Meituan down by 1.9%, and JD.com decreasing by 1.5%. Semiconductor manufacturer SMIC saw a drop of over 4.6%, while Sunny Optical and China Hongqiao also experienced declines exceeding 3% [2]. Gold Market - Gold prices surpassed 3,500 USD, reaching a historical high. However, gold mining stocks showed mixed performance, with Lingbao Gold and Zhaojin Gold rising by 1.6% and 2.1%, respectively, while Shandong Gold and Zijin Mining both fell by over 1.7% [2]. Market Outlook - Despite the overall market decline, the drop was relatively limited, and investors are expected to continue monitoring A-share performance. The Hang Seng Index remains above the 10-day (25,335 points) and 20-day moving averages (25,239 points), which could support a challenge to last week's high of 25,918 points [3]. - Following Alibaba's surprising earnings report, there is optimism that the Hong Kong market may continue its upward trend and challenge the 10-day moving average level of 25,254 points [3].