On March 21, the spot price of gold in London hit a high of US$2,222.91 per ounce, hitting a record high again. Since the beginning of this year, international gold prices have continued to rise, but high prices seem to be unable to stop consumers 'enthusiasm for purchasing. They have also fueled the gold accumulation business, with a trend that "the more the price rises, the more I buy." So, is gold still suitable to buy at this stage?

回答这个问题，先要搞清楚这轮国际金价高企的原因。从外部看，地缘冲突加剧、多国央行持续“购金热”等因素都为金价上扬提供了支撑，但 The core reason still stems from the market's increased expectations for the Federal Reserve to cut interest rates.

In the international market, gold is denominated in US dollars, so the direction of the Federal Reserve's monetary policy has always been an important factor affecting gold prices. Generally speaking, there is a "seesaw" relationship between the price of gold and the trend of the US dollar, that is, when the Federal Reserve raises interest rates and makes the US dollar strong, the price of gold falls; conversely, when the Federal Reserve cuts interest rates and makes the US dollar weak, the price of gold rises. Since last year, against the background of a fall in U.S. inflation data, the Federal Reserve implemented the last round of interest rate hikes in July last year. The market has already expected the shift in monetary policy. In addition, Federal Reserve Chairman Powell has publicly stated many times this year that interest rates are expected to be cut within the year. Market expectations for the Federal Reserve to cut interest rates have further increased, continuing to push gold prices higher.

需要注意的是，预期毕竟只是预期。美国当地时间3月20日，美联储宣布将联邦基金利率目标区间维持在5.25%至5.5%之间不变，并表示在对通货膨胀率持续向2%的长期目标迈进抱有更大信心之前，降低联邦基金利率目标区间“是不合适的”。在业内人士看来， The Fed's repeated wavering attitude and this year's U.S. presidential election will bring more uncertainty to the market.

面对不确定性因素，到底还要不要“上车”，On the one hand, investors should act cautiously, and on the other hand, they should also be clear about specific needs. 黄金具有货币属性，还具备商品属性。若是有消费需求，特别是在婚庆、过年等节点对实物黄金有需求，那么该买就买，毕竟黄金在中国有着“情比金坚”“金玉良缘”等诸多美好寓意，一定程度上已经成为消费者的刚需。同时，首饰金的克重也相对较轻，消费者只要做到量入为出，不用过于纠结购买的时间点，买入喜爱的款式即可。

From an investment perspective, the more noisy the market is, the more investors need to think calmly. 黄金作为传统的避险资产，其最大的价值在于锚定价值，可以作为自身多元化资产配置的一部分，实现风险的分散。而将黄金视为可以让资产价值快速增长的标的，显然不合理，也不切实际。对待黄金投资，投资者应积累一定的黄金知识储备，多关注对黄金市场有影响的宏观指标变动，对未来价格走势形成自己的判断逻辑。还要了解实物黄金、黄金积存业务、黄金ETF等金融产品的特点和风险，并根据自身风险承受能力和投资目标来确定黄金投资方式、在投资组合中的配置比例，切勿盲目追高投资。