近期，黃金價格的劇烈波動引發了廣泛關注。儘管金價在短時間內經歷了顯著下跌，但很快又迎來了一輪大幅上漲，金飾價格更是突破了千元大關，年內漲幅已超過200元。這一現象引發了市場參與者對黃金價格邏輯的深入探討。

據行業消息，隨著國際金價突破3200美元/盎司的關鍵點位，國內金飾價格也攀升至歷史高位。4月11日，多家知名珠寶品牌的足金飾品價格均超過了990元/克，部分品牌如週六福的足金999.9飾品價格更是達到了1010元/克。與年初相比，金飾價格每克上漲了超過200元。值得注意的是，就在幾天前，現貨黃金和COMEX黃金還一度跌破3000美元關口，但隨後迅速反彈，短短數日內金價大幅攀升。

In the face of the sharp fluctuations in gold prices, the Shanghai Gold Exchange issued a risk warning announcement in a timely manner, pointing out that the recent international situation is complex and changeable, precious metal prices fluctuate greatly, and market risks have intensified. The exchange reminds all members to raise their awareness of risk prevention, make risk emergency plans, and remind investors to reasonably control their positions and invest rationally.

Traditionally, gold has been seen as a safe-haven asset in times of economic turmoil. When the economic environment is unstable and risks increase, investors tend to invest their funds in assets with value preservation functions such as gold. Judging from historical data, the price of gold shows a certain inverse relationship with the stable development of the economy. However, this logic seems to have been challenged in recent years. Despite the continued rise in US real interest rates, gold prices have not fallen as expected, but have shown a strong upward momentum.

業內人士指出，當前黃金價格上漲的背後邏輯依然離不開避險需求的支撐。在全球經濟不確定性加劇的背景下，投資者對資產安全性和保值性的需求大幅提升。各國央行近年來持續增持黃金，也進一步推動了金價的上漲。據數據顯示，近15年來全球央行持續凈購黃金，2024年四季度央行購金量同比增長54%，全年購金規模連續第三年突破千噸。

It is worth noting that the logic of gold's strong binding to the US dollar has gradually become ineffective in recent years. Although the US dollar has historically been closely linked to gold, the trend of central banks increasing their holdings of gold in recent years has led to a gradual de-dollarization of gold. Gold as a super-sovereign currency is accepted by the world's major economies, and increasing gold holdings can enhance the credibility of the national currency and provide underlying support for the internationalization of the national currency. As a result, the volatility of the gold price gradually ceased to be fully influenced by the fluctuations of the US dollar.

The scarcity of gold itself is also one of the important factors driving the price increase. The formation process of gold is special and long, and the reserves are limited. With the rising cost of mining and the improvement of environmental requirements, the supply scarcity of gold has further intensified. With demand unchanged or increasing, a decrease in supply will inevitably drive gold prices higher.

The volatility in the gold market has also triggered mixed reactions from investors. Some choose to hold gold to preserve and increase its value, while others take advantage of the opportunity to ship it for a profit. According to merchants, the recent increase in the recycling volume of gold jewellery has increased by nearly 25% month-on-month, and many consumers have come to inquire about gold recycling. However, the difference between the recycled price and the selling price of gold is also getting wider and wider, and the gap between the recycled gold price and the selling price in the market has reached about 0 yuan.

While the volatility of gold prices may seem illogical, there are deep economic and market factors behind them. Investors should fully understand these factors when participating in the gold market, invest rationally and do a good job of risk prevention.