During the Spring Festival holiday, international gold prices rose significantly, with London spot gold and COMEX gold futures both hitting historic highs, opening up new upward space. In the eyes of institutions, the increase in risk aversion is the direct reason for the rise in international gold prices. The market expects the trend of the Federal Reserve's monetary policy easing to remain unchanged, and gold will continue to be mainly bought and held on dips. During the Spring Festival holiday, international gold prices fluctuated and rose, with futures and spot prices continuously hitting new historical highs. As of the evening of February 3rd, London spot gold prices have exceeded $2817.1 per ounce, and COMEX gold futures prices have exceeded $2850 per ounce. However, as of 18:35 on February 4th, when the China Securities Journal reporter reported, both London spot gold and COMEX gold futures prices had slightly declined. Regarding this, Everbright Futures believes that Trump's tariff policy will lead to uncertainty in the global economy, highlighting the market's unease and risk aversion; Meanwhile, the geopolitical environment has not improved as expected, which is significantly different from previous market expectations and has also contributed to the rise in gold prices. The increase in risk aversion is the direct reason for the rise in international gold prices Fangzheng Mid term Futures stated that on January 30th, the Federal Reserve announced that it would maintain the target range of the federal funds rate at 4.25% -4.5% and continue to reduce its balance sheet at its original pace. This is the first time since the Fed's consecutive interest rate cuts in September last year that the interest rate remains unchanged, but it is in line with market expectations. After the bearish sentiment dissipated, gold prices rose instead of falling. The Commodity Futures Research Institute of Zhongda University stated that the demand for physical gold in London has surged, mainly from central banks in the United States and around the world. COMEX gold futures prices are higher than London spot gold prices, indicating a potential for premium arbitrage. Global central banks continue to purchase gold, which also provides support for the rise in gold prices. In addition, de dollarization will also increase the demand for gold, driving up the price of gold. Lu Zhe, Chief Economist of Dongwu Securities, stated that DeepSeek's impact on US technology stocks has to some extent strengthened the medium - to long-term logic of gold de dollarization. Looking ahead to the future, multiple institutions have stated that in the short term, purchasing demand for gold due to tariff concerns may amplify short-term fluctuations in gold prices. In the medium term, the gold price may continue to operate at a high level. In the view of Fangzheng Mid term Futures, the Spring Festival holiday is the traditional peak season for precious metal consumption, and India is currently in a period of strong gold purchasing. The increase in actual demand has to some extent pushed up the gold price. During the Spring Festival holiday, silver prices followed the rise of gold, but due to the impact of increased tariffs in the United States, the commodity attributes have a certain drag on silver prices. The institution believes that the main domestic precious metal contracts are likely to open high and move high after the holiday. Lu Zhe predicts that interest rate cuts may reappear as early as March, and the weak US dollar is expected to drive gold prices to continue rising. In the long run, DeepSeek's impact on US technology stocks may only be the beginning, as de dollarization and increased gold demand are expected to become long-term and stable support factors for the rise of gold prices. Gold has the function of hedging and hedging against US dollar credit risk, and we are optimistic about gold in the medium and long term Dai Kang, Managing Director and Chief Asset Research Officer of Guangfa Securities Development Research Center, stated that although the US fiscal constraints have been improved, the stickiness of the "loose fiscal" policy exit is high, and the debt problem continues to erode US dollar credit, coupled with anti globalization geopolitical risks, supporting gold demand. The recent decline in the real interest rate of 10-year US treasury bond bonds and the increase in the demand for risk aversion jointly drove the gold price up. (New Society)