Review of the three rounds of gold price increase cycle: How is gold priced?
Dongfang Caifu Securities believes that gold has entered its third round of rising cycle since 2019, with a cumulative increase of 219% over six years, but there is still room for growth compared to the previous two rounds. The rise in gold prices is supported by three attributes: in terms of monetary attributes, the U.S. dollar credit system is facing challenges; in terms of commodity attributes, central bank gold purchasing demand is expected to grow at an average annual rate of 44% from 2020 to 2024; in terms of financial attributes, the pricing framework for real interest rates has partially failed in a high-inflation environment. Geopolitical risks, growth in gold reserves, and changes in real interest rates have become the three key variables determining the future trend of gold prices
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