Recently, the gold market has reached an important moment. The Spot gold price hit a historical high of $3646 per ounce on September 8, with a cumulative rise of 38% this year. This breakthrough surge has attracted widespread follow in the market.

Analysts point out that multiple factors have jointly driven the rise in gold prices. First, U.S. employment data fell short of expectations, leading to increased market speculation that the Federal Reserve may lower interest rates in the near future. Currently, the market widely believes that there is a high likelihood of a 25 basis point rate cut by the Federal Reserve in September. This expectation has led to declines in both the U.S. dollar and U.S. Treasury yields, indirectly supporting gold prices.

Secondly, the uncertainty of the global economic situation has increased the demand for reserve diversification among countries. As a traditional safe-haven asset, gold has naturally become an important choice for central banks to increase their holdings.

In addition, geopolitical risks have also elevated the safe-haven demand for gold to a certain extent. Recent political changes in Japan and France have raised investors' concerns about political stability, further increasing the demand for safe assets such as gold.

However, market participants also remind investors that gold prices may experience fluctuations in the short term. This week, the U.S. will release important economic data such as the CPI and PPI, and the Federal Reserve's interest rate meeting is also receiving attention. These factors could all impact gold prices.

Overall, against the backdrop of increasing global economic uncertainty, gold's status as a safe-haven asset is further highlighted. Investors need to closely follow the developments in the global economy and political situation, as well as the monetary policy trends of various central banks, in order to better grasp the trends in gold prices.