Hello大家好，今天分享一篇来自CNN的文章：Gold just hit a record $5,000. What’s driving the surge?
黄金价格到创纪录的5000美元每盎司，什么在驱动金价飙涨？
Updated Jan 26, 2026 By John Liu
A one-kilogram, right, and 500-gram gold bar displayed at an ABC Bullion store in Sydney, Australia, on Friday. Brendon Thorne/Bloomberg/Getty Images
1公斤和500克金条，在澳大利亚悉尼ABC金条商店展示，周五。Brendon Thorne/Bloomberg/Getty 供图。
Gold prices surged beyond $5,000 per ounce for the first time late Sunday, as investors rushed to the safe-haven asset as concern spread that US President Donald Trump is upending relations with key allies, from Europe to Canada.
周日晚些时候，金价第一次飙升到超过5000美元每盎司，当对美国总统川普颠覆与从欧洲到加拿大关键盟友关系的担忧扩散时，投资者冲入避险资产。
In this year’s first 26 days, the price of gold has jumped 15%; a historic rally that builds on arecord-breaking year in 2025, when prices skyrocketed 65% – the largest annual gain since 1979.
在今年的前26天，金价暴涨15%；一个建立在2025年打破纪录的历史性集合，去年价格猛涨65%，是自1979年以来最大的年度涨幅。
Gold is often seen as a refuge in uncertain times and a barometer of market anxiety. And this latest surge has been driven by a series of market-destabilizing global and domestic moves by Trump –– from thenow-revoked tariff threats against NATO allies over Greenland, to the military operation against Venezuela, and the criminal investigation into Federal Reserve Chair Jerome Powell.
黄金经常被视为在不确定年代的避难所，市场焦虑的晴雨表。最近的飙涨被一系列川普不稳定市场的全球和国内动作所驱动，从因格林兰岛而对北约盟友关税威胁（现已撤销），到对委内瑞拉的军事行动，和对美联储主席Jerome Powell的犯罪调查。
Demand has also been driven by a weaker US dollar, higher-than-expected inflation, predictions the Fed will further cut interest rates this year, and the purchase of the precious metal by central banks around the world.
（黄金）需求也在被弱美元、高于预期的通胀、今年预期美联储进一步降息的预期、全球央行购买贵金属的因素驱动。
Gold was up 1.4% Sunday to $5,058 a troy ounce, as of 8:14 pm ET.
周日，黄金上涨了1.4%到5058美元每金衡制盎司，在美东时间8:14.
Silver, another safe-haven asset surging in value, rose 4.5% to $107.8 an ounce Sunday. Like Gold, Silver last year also recorded its best performance since 1979, with a 141% price increase.
白银，另外一个价值飙升的避险资产，周日上升了4.5%到107.8美元每盎司。像黄金一样，白银去年也创自1979年以来最好表现记录，价格有141%增长。
Despite hitting the $5,000 benchmark, analysts remained largely bullish on gold, arguing prices could rise further as uncertainty persists.
尽管突破5000美元里程碑，分析师对黄金仍保持大体看涨，争论当不确定持续，（黄金）价格会上升更多。
Before the record rally, Goldman Sachs analysts had raised their forecasts of gold prices to $5,400 per troy ounce, citing private sector investors’ interests in the yellow metal due to “lingering global policy uncertainty,” according to a research note published by the investment bank last week.
在创纪录集合前，高盛分析师已经提出他们对金价到达5400美元每金衡制盎司的预测，引用根据上周投行发布的研究笔记，由于“挥之不去的全球政策不确定性”，私人部门投资者对黄色金属的兴趣。
Others saw even more room for gains. Bank of America’s chief investment officer Michael Hartnett said in a research note last week that gold prices could peak above $6,000.
其他人甚至看到更多获利空间。美国银行首席投资官Michael Hartnett说在上周的研究笔记中金价会达到6000美元（每盎司）的高峰。
Uncertainty drives boom
不确定性驱动繁荣
Less than one month into 2026, Trump’s policy whiplash has fueled geopolitical uncertainty and rattled markets, pushing investors to bet on precious metals.
2026年不到一个月，川普的政策反复已经点燃地缘政治的不确定性，使市场慌乱，迫使投资者在贵金属上下赌注。
Gold prices jumped following the US capture of Venezuelan President Nicolás Maduro and Trump’s threat against the Iranian regime amid a bloody crackdown on protesters.
在美国抓获委内瑞拉总统Nicolás Maduro、川普威胁伊朗政权血腥镇压抗议者后，金价跳涨。
Trump also ramped up his rhetoric about annexing Greenland and threatened to reigniting a global trade war with tariffs on European allies that opposed his plans of acquiring the Danish territory. Even though Trump abruptly backed down and claimed a deal was reached on Wednesday, markets remained unsettled by the White House’s unpredictability.
川普也升级他关于吞并格陵兰岛的说辞，威胁重燃对那些反对他获取丹麦领土的欧洲盟友的全球关税贸易战。尽管川普突然退缩并声称周三已达成交易，对白宫的不可预测性，市场仍保持不稳定。
Then on Saturday, Trumpthreatened to slap 100% tariffs on Canadian imports should the US neighbor make a trade deal with China – something Ottawa has said it has “no intention” of doing.
然后周六，川普威胁如果美国的邻居和中国达成贸易协议，要强行执行对加拿大进口商品加征100%关税，渥太华已经说了它无意这样做。
Domestically, the US President has also renewed attacks on Powell, the Fed chair. Federal prosecutors opened a criminal investigation into him earlier this month, throwing into questionthe political independence of the central bank.
国内，美国总统也恢复对美联储主席Powell的攻击。联邦检察官这个月早些时候启动对他的犯罪调查，引起对央行政治独立性的质疑
Together, these developments have unnerved investors, accelerating a flight into precious metals.
以上总共，这些（事态的）进展使投资者焦躁不安，加速进入贵金属。
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