Group 1 - The international gold market experienced a significant surge on January 19, with spot gold reaching a historical high of $4,690 per ounce, marking a daily increase of over 2% [1] - COMEX gold futures also rose sharply, peaking at $4,698 per ounce, just shy of the $4,700 mark [1] - Domestic gold jewelry brands in China reported prices at historical highs, with notable increases such as Lao Miao gold at 1,459 yuan per gram, up 24 yuan from the previous day [1] Group 2 - The recent surge in gold prices is attributed to a combination of short-term geopolitical risks and long-term macroeconomic expectations [3] - Reports indicate that former U.S. President Trump announced plans to impose tariffs on eight European countries starting February 1, which may heighten geopolitical tensions and influence precious metal market volatility [3] - Analysts suggest that the core driving logic in the gold market is the interplay between delayed policy easing expectations and persistent inflation realities, with central banks, particularly the Federal Reserve, expected to consider rate cuts by 2026 [3]