让人惊讶的是，稳定币巨头Tether成了黄金市场的一个新"大玩家"。 Jefferies投资银行的报告指出，Tether在三季度增持了约26吨黄金，总储备达到116吨， 相当于全球黄金需求的2%。 这家公司甚至成了全球最大的非主权黄金持有者，持金规模和一些小国家的央行差不多。 俄罗斯自己家里也能消化不少黄金。 为了鼓励老百姓买黄金，俄罗斯政府取消了零售黄金交易的增值税。 过去四年里，俄罗斯民众累计买了大约282吨黄 金，2025年预计还会再买62.2吨。 这个量，差不多是西班牙或奥地利一个国家黄金储备的水平了。 俄罗斯央行突然开始抛售他们那2300多吨黄金储备了！ 这可是全球第五大黄金储备国啊，历史上他们一直把黄金当"压箱底"的宝贝，这次居然要卖掉换钱 花。消息一出，金价只是稍微晃了晃，今年涨幅依然超过50%。 不是说大量抛售会压低价格吗？ 这剧本好像不对啊。 俄罗斯这次真的是被逼到墙角了。 西方冻结了他们大约3000亿欧元的外汇储备，相当于一半的家底被锁死了。 同时，战争每天要烧掉7亿美元，财政缺口越 来越大，预计2025年到2027年累计会超过600亿美元。 说白了，就是现金流快断了，不得不动用平时绝对不 ...

国际金价跳水。 《投资者网》谢莹洁 随着8月底国际金价一路攀升，伦敦黄金期现货价格累计涨幅曾高至近70%，且在10月20日冲上4381美元的历史最高点，市场一片狂欢。 10月21日，金价迎来一场惊心动魄的"高台跳水"。伦敦现货黄金价格在盘中一度大跌6.3%，最终收跌5.31%，不仅刷新了12年来的单日最大跌幅纪录，也成 为了其有记录以来第15大的单日跌幅。 10月27日，现货黄金价格一度大幅低开，跳空下跌近50美元至4063.80美元/盎司。 "黄金超买"之声渐起，金价波动性显著攀升。不过多数观点认为黄金处于结构性牛市，因为全球博弈的宏观格局并未改变。 多重因素叠加，金价承压下行 10月18日，伦敦现货金价一度冲高至4378美元/盎司，创下年内新高，但随后在10月21日出现单日跌幅达5.3%的大幅回调，为2020年8月以来最大单日跌幅。 尽管市场出现震荡，但多家投资机构仍认为金价具备进一步上涨空间。研究机构指出，前期黄金价格持续上涨，部分投资者选择落袋为安，高位抛售压力剧 增。同时，高金价使得实物黄金需求持续下滑，进一步加剧了金价回调。 消息面上，据央视新闻报道，正在马来西亚进行访问的加拿大总理卡尼在回应近期 ...

Core Viewpoint - International gold prices have shown a significant upward trend, with recent price movements indicating strong investor interest and demand for gold as a safe-haven asset [3][4][6]. Group 1: Price Movements - On August 1, the December gold futures price on the New York Commodity Exchange closed at $3,399.80 per ounce, marking a 1.53% increase and reaching a one-week high [3]. - The London spot gold price surged to $3,362.09 on August 2, with a daily increase of 2.25%, the largest single-day gain in six months [3]. - As of August 5, spot gold reached $3,380 per ounce, reflecting a daily increase of 0.19% [6]. Group 2: Demand Dynamics - The demand for gold is supported by three main pillars: central banks, ETFs, and retail investors, creating a balanced demand structure [5]. - In Q2, global gold ETFs saw an inflow of 170.5 tons, compared to an outflow of 7.1 tons in the same period last year, contributing to a total demand of 397.1 tons in the first half of the year, the highest since 2020 [5]. - Young consumers, particularly those from the '90s and '00s generations, are increasingly driving gold jewelry purchases, favoring lighter, more design-oriented products [5]. Group 3: Central Bank Activities - Central banks globally have continued to increase their gold reserves, with a net addition of over 1,000 tons for the third consecutive year, and China's central bank quietly added 44 tons to reach 2,279.6 tons, ranking sixth globally [4][8]. - In Q2 2025, central banks collectively added 166 tons of gold, maintaining a high level of gold purchases despite a slowdown in the pace [8]. Group 4: Future Outlook - The future trajectory of gold prices remains uncertain, influenced by multiple factors including potential interest rate hikes by the Federal Reserve and global economic conditions [7]. - Analysts suggest that while short-term fluctuations may occur, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties and central bank policies favoring gold accumulation [7][9]. - Historical data indicates that in scenarios of dollar depreciation, high inflation, and geopolitical conflicts, gold can yield annual returns of 15%-20% [9].

Group 1 - Gold prices experienced a decline, falling below the $3350 mark to $3342.59 per ounce due to reduced market concerns over the Middle East following a ceasefire agreement between Israel and Iran [1] - International oil prices continued to drop, reaching a two-week low of $64.38 per barrel, down 6% [1] - The market is closely monitoring further developments in the Middle East and the upcoming semi-annual monetary policy report from Federal Reserve Chairman Jerome Powell [1] Group 2 - Federal Reserve Vice Chairman Bowman made dovish comments, suggesting a possible interest rate cut as early as July due to concerns over the labor market, which surprised the market given her previously hawkish stance [3] - Following Bowman's remarks, U.S. Treasury yields fell, with the two-year yield at 3.851% and the ten-year yield at 4.34%, while the dollar index decreased by 0.32% to 98.45 [3] - The market currently sees a 23% chance of a rate cut in July, with probabilities rising to 80% and 92% for September and October, respectively [3] Group 3 - Short-term outlook for gold suggests a potential decline towards the $3300 mark, influenced by the ceasefire agreement and diverging expectations regarding Fed rate cuts [4] - Despite the current bearish sentiment, the long-term trend for gold remains positive due to ongoing global uncertainties, including geopolitical risks and inflation pressures [4] - Institutional investors have begun to increase their gold holdings again, indicating renewed confidence in gold prices, suggesting that current price corrections may present good buying opportunities [4]