机构看金市：9月11日

Core Viewpoint - The recent U.S. economic data, particularly the August PPI, has reinforced expectations for interest rate cuts by the Federal Reserve, leading to a bullish sentiment in the gold market. Group 1: Economic Data Impact - The U.S. August PPI showed a month-on-month decrease of 0.1%, marking the first negative change in four months, and the year-on-year growth was 2.6%, below the expected 3.3% [1] - The core PPI for August also fell short of expectations, with a year-on-year increase of 2.8% compared to the anticipated 3.5% [3] - The weak employment data further supports the notion that the Federal Reserve may need to implement rate cuts, with market expectations stabilizing around three cuts of 25 basis points each in September, October, and December [1][2] Group 2: Market Reactions and Predictions - Following the release of the PPI data, there is a strong expectation for the Federal Reserve to cut rates, which has led to a bullish outlook for gold prices [2][4] - BNP Paribas forecasts that gold prices could reach $4,000 per ounce within the next two to six months, driven by the weak job market and economic slowdown [4] - The geopolitical tensions, including the situation between Russia and Poland, as well as the recent conflict involving Israel, have contributed to increased demand for gold as a safe-haven asset [4]