贵金属市场波动加剧，中长期“牛市”格局未改

Group 1 - The Federal Reserve's recent interest rate decision has led to increased volatility in the precious metals market, with gold prices briefly surpassing $3700 per ounce before retreating significantly [1] - Analysts indicate that the market had already priced in a 25 basis point rate cut, and the lack of a more aggressive reduction led to a pullback in precious metal prices [1] - The short-term price pressure on precious metals is attributed to dovish comments from Fed Chair Jerome Powell, who stated that the U.S. economic outlook is not pessimistic and that there is no need for rapid rate adjustments [1] Group 2 - The recent strong performance of global equity markets has reduced the attractiveness of gold, with Chinese investors selling gold ETFs to invest in stocks [2] - The appreciation of the RMB has caused domestic gold prices to lag behind international prices, while positive economic growth expectations globally are also suppressing precious metal prices [2] - The primary trading logic in the gold market remains centered around expectations of monetary policy easing from the Fed and other central banks [2] Group 3 - Short-term forecasts suggest that precious metal prices are likely to remain in a high-level consolidation phase, while the long-term bullish trend remains intact [3] - Key economic indicators such as U.S. employment, PMI, and inflation data will influence the Fed's rate cut decisions and subsequently affect precious metal prices [3] - The long-term bullish outlook for precious metals is supported by factors such as rising U.S. government debt, ongoing geopolitical tensions, and continued central bank gold purchases [3]