黄金的公牛奔跑在全球不稳定的背后得到了增强

随着市场因地缘政治摩擦的上升而震撼，尤其是在美国和中国之间 - 投资者正在迅速将重点转移到避风港资产上。

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

地缘政治摩擦不断上升，尤其是在美国之间，一直在击败市场。

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.

随着投资者迅速将重点转移到避风港资产的回应中，Citi的分析师现在预测黄金可能会激增至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.

这种看好的预测是由于关税不断升级和对全面贸易冲突的恐惧。美元最近的弱点，加上对价值替代商店的兴趣激增，加剧了对黄金的新需求。

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.

花旗已经调整了其短期前景，强调了中国保险公司的强大购买活动，并加剧了全球不确定性，这是推动这一举动的关键因素。

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.

该银行还指出，实物黄金供应的收紧。随着需求加速，股东减少其销售活动，价格可能需要进一步上涨才能释放市场流动性。

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.

在这种情况下，北京的策略起着至关重要的作用。中国对减少美元依赖的更广泛的推动包括增加其黄金储备，通常与金砖四国合作伙伴协调。

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，中国监管机构允许一组保险公司将其一部分投资组合分配给黄金，可能会注入超过250公吨的年度需求。

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.

随着这些动态的融合（policy的变化，宏观经济的波动性和身体稀缺），Gold的势头似乎还远远没有结束。它是否可以在不久的将来达到新的高点可能取决于全球金融格局中分区的深度。