Why have gold prices hit record highs?

金价为何创下历史新高？

Gold has been reaching record highs of late, with the price of spot gold hitting $3,357.40 (£2,532) per ounce for the first time ever on Wednesday. It marked a rise of around $700 (£528) this year and comes at a time of significant uncertainty over Donald Trump's tariffs on imports into the US.

近期，金价持续攀升，周三现货黄金价格首次突破每盎司3,357.40美元（约合2,532英镑），创下历史新高。今年以来，金价已上涨约700美元（约合528英镑），而此时正值唐纳德·特朗普对进口美国商品加征关税引发重大不确定性之际。

That is no coincidence. That's because gold is a tangible commodity - a physical good that can be bought and sold. Gold prices fell more than 1% on Thursday after a sharp rise in the previous session as investors booked profits ahead of a long Easter weekend.

这并非巧合。因为黄金是一种有形商品——一种可以买卖的实物。在经历前一交易日的大幅上涨后，投资者在复活节长周末前纷纷获利了结，导致周四金价下跌逾1%。

An estimated 3,000 tonnes are mined each year, with China mining the most gold in 2024, followed by Russia, Canada and the US. And the Bank of England holds the world's second biggest known trove, with roughly 400,000 gold bars worth billions of pounds sitting in its vaults.

据估计，每年开采的黄金约为3,000吨，其中中国在2024年的黄金开采量位居榜首，其次是俄罗斯、加拿大和美国。英格兰银行拥有世界上第二大已知的黄金储备，其金库中存放着约40万根金条，价值数十亿英镑。

So why is it going up in value? The precious metal is known as a "safe haven" - an asset that typically retains or increases in value during times of market turbulence or economic uncertainty.

那么，黄金的价值为何会上涨呢？这种贵金属被称为“避风港”——在市场动荡或经济不确定时期，其价值通常会保持或增加。

Investors typically flock to safe havens to protect their capital from losses when markets are volatile. So it's perhaps no surprise that its value has skyrocketed at a time when markets around the world have been unsettled by the introduction and temporary rolling back of some US tariffs.

当市场波动时，投资者通常会涌向避风港资产，以保护自己的资本免受损失。因此，在全球市场因美国加征关税及随后暂时取消部分关税而动荡不安之际，黄金价值飙升或许并不令人意外。

"Gold remains heavily supported by a broadly weaker dollar, uncertainty around tariff announcements and fears about a global recession," said Lukman Otunuga, senior research analyst at online trading broker FXTM.

在线交易经纪商 FXTM 的高级研究分析师卢克曼·奥图努加表示：“黄金仍受到美元普遍走弱、关税公告的不确定性以及全球衰退担忧的强烈支撑。”

Singapore-based dealer GoldSilver central managing director Brian Lan added: "Gold will continue to be strong as long as there's uncertainty."

总部位于新加坡的交易商 GoldSilver 中央董事总经理布莱恩·兰补充道：“只要存在不确定性，黄金就会继续走强。”

Gold saw a similar surge at the start of the COVID-19 pandemic, but has been on an upward trend for years. Those in favour of investing in gold argue it can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road.

在新冠疫情初期，黄金也曾出现类似的大幅上涨，但多年来一直呈上升趋势。支持投资黄金的人认为，黄金可以分散和平衡投资组合，并减轻未来可能出现的风险。

Some also take comfort in buying something tangible that has the potential to increase in value over time, and which isn't directly tied to global currencies. But gold sceptics warn people to be wary.

有些人还乐于购买这种有形资产，因为它有可能随着时间的推移而增值，并且不直接与全球货币挂钩。但黄金怀疑论者则提醒人们要谨慎。

The Commodity Futures Trade Commission has previously warned that precious metals can be highly volatile, and prices rise as demand goes up - meaning "when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers".

商品期货交易委员会此前曾警告称，贵金属可能高度波动，价格随需求上涨而上涨——这意味着“当经济焦虑或不稳定加剧时，通常从贵金属中获利的是卖家”。

It adds that if you do choose to invest in gold, it's important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market. And while gold being a tangible currency is in many ways seen as a plus, it also means it can run out; and some analysts estimate it will do so in less than three decades.

该委员会还补充说，如果你选择投资黄金，重要的是要了解安全的交易做法，并警惕市场上潜在的诈骗和假货。虽然黄金作为一种有形货币在许多方面被视为加分项，但这也意味着它可能会耗尽；一些分析师估计，黄金将在不到三十年的时间内耗尽。