黃金的公牛奔跑在全球不穩定的背後得到了增強

隨著市場因地緣政治摩擦的上升而震撼，尤其是在美國和中國之間 - 投資者正在迅速將重點轉移到避風港資產上。

Rising geopolitical friction, particularly between the U.S. and China, has continued to batter markets.

地緣政治摩擦不斷上升，尤其是在美國之間，一直在擊敗市場。

As investors rapidly shift their focus to safe-haven assets in response, analysts at Citi are now forecasting that gold could surge to $3,500.

隨著投資者迅速將重點轉移到避風港資產的回應中，Citi的分析師現在預測黃金可能會激增至3500美元。

This bullish prediction comes amid escalating tariffs and growing fears of an all-out trade conflict. The dollar’s recent weakness, combined with surging interest in alternative stores of value, has fueled renewed appetite for gold.

這種看好的預測是由於關稅不斷升級和對全面貿易衝突的恐懼。美元最近的弱點，加上對價值替代商店的興趣激增，加劇了對黃金的新需求。

Citi has adjusted its short-term outlook, highlighting strong buying activity from Chinese insurers and intensifying global uncertainty as the key factors driving this move.

花旗已經調整了其短期前景，強調了中國保險公司的強大購買活動，並加劇了全球不確定性，這是推動這一舉動的關鍵因素。

The bank also noted the tightening of physical gold supply. With demand accelerating and stockholders reducing their selling activity, prices may need to rise further to release liquidity in the market.

該銀行還指出，實物黃金供應的收緊。隨著需求加速，股東減少其銷售活動，價格可能需要進一步上漲才能釋放市場流動性。

Beijing’s strategy plays a crucial role in this scenario. China’s broader push to reduce dependence on the U.S. dollar has included increasing its gold reserves, often in coordination with BRICS partners.

在這種情況下，北京的策略起著至關重要的作用。中國對減少美元依賴的更廣泛的推動包括增加其黃金儲備，通常與金磚四國合作夥伴協調。

Recently, Chinese regulators granted permission for a group of insurers to allocate a portion of their investment portfolios to gold, potentially injecting over 250 metric tons of additional annual demand.

最近，中國監管機構允許一組保險公司將其一部分投資組合分配給黃金，可能會注入超過250公噸的年度需求。

As these dynamics converge—policy shifts, macroeconomic volatility, and physical scarcity—gold’s momentum seems far from over. Whether it can reach new highs in the near future may depend on the depth of the divisions in the global financial landscape.

隨著這些動態的融合（policy的變化，宏觀經濟的波動性和身體稀缺），Gold的勢頭似乎還遠遠沒有結束。它是否可以在不久的將來達到新的高點可能取決於全球金融格局中分區的深度。