In the early trading of the Asia-Pacific market on the 3rd, spot gold rose 0.24% in the short term to $3,539.25 per ounce, continuing to hit a record high. New York gold futures were reported at $3,604.7 per ounce, continuing to hit a record high.

Many institutions predict that after four months of sideways trading, precious metals are expected to start a new round of rising market. For gold’s year-end target price, Morgan Stanley has already looked to as high as $3,800 per ounce.

In terms of A-shares, Silver Nonferrous Metals has been on the board for three consecutive days, with Western gold rising by more than 6%, while CICC, Shandong Gold, Chifeng Gold, Zijin Mining, etc. followed suit.

According to the Economic Reference News, Qu Rui, deputy director of the Research and Development Department of Oriental Gold Cheng, analyzed that in the short term, the volatility of international gold prices will increase and the overall operation is at a high level. On the one hand, the market’s expectations for the Federal Reserve’s interest rate cut in September continue, which has provided certain support for gold prices; on the other hand, the gold price hit a new high may lead to capital taking profits and leaving the market, causing disturbance to the trend of gold prices.

Qu Rui also believes that driven by multiple factors, international gold prices will still be in a volatile upward channel in the medium and long term. “First, policy uncertainty and geopolitical risks make the market’s demand for hedging continue; second, global central banks’ willingness to allocate gold; third, the market’s expectations for the Federal Reserve’s interest rate cut continue.”

An Kai, CEO of the World Gold Association Americas and head of global research, said recently that gold prices have risen by about 26% this year. Factors driving the rise in gold prices include geopolitical and economic risks, strong demand for gold ETFs and gold bars, and a steady trend of central bank gold purchases.