Ge Long Hui·2025-09-01 09:00Core Viewpoint - International gold prices have reached a new historical high, driven by expectations of interest rate cuts from the Federal Reserve and increasing demand for gold in the market [1][2][3]. Group 1: Market Performance - On September 1, international gold prices surged, with COMEX gold reaching a peak of $3552.4 per ounce, surpassing the previous high of $3557.1 per ounce set in early August [1]. - In the domestic futures market, the main contract for gold on the Shanghai Futures Exchange also rose significantly, breaking through 800 yuan per gram [1]. - Gold-related stocks in A-shares and Hong Kong stocks saw a strong performance, with over ten stocks, including Zhongjin Gold and Hunan Gold, hitting the daily limit, and the precious metals sector rising nearly 9% [1]. - Gold stock ETFs increased by over 9%, with year-to-date gains exceeding 65% [1]. Group 2: Economic Indicators and Predictions - The Federal Reserve's officials have signaled a dovish stance, with a high probability of a 25 basis point rate cut in the near future, which is expected to support gold prices [1][2]. - Current market conditions indicate a growing likelihood of gold prices breaking upward after four months of consolidation, driven by factors such as increased U.S. debt and rising demand for gold in jewelry as the consumption season approaches [2]. - Analysts from Citic Securities and Minsheng Securities suggest that the long-term outlook for gold remains positive due to ongoing global economic pressures and the potential for central banks to continue purchasing gold [3]. Group 3: ETF and Fund Performance - The gold stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Index, comprising 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 66.52% of the index [2]. - The gold stock ETF has a recent five-day performance of 5.37% and a price-to-earnings ratio of 21.22 times, indicating a strong interest in gold-related investments despite a slight outflow of funds [5].