黄金早参丨美联储降息落地，美国政府关门风险骤增，金价回落后再次冲高

Core Viewpoint - Gold prices experienced significant volatility from September 15 to 19, driven by monetary policy expectations, official statements, and technical adjustments, with COMEX gold futures closing at $3719.4 per ounce, reflecting a weekly increase of 0.9% [1] Group 1: Monetary Policy Impact - The Federal Reserve's September meeting resulted in a 25 basis point reduction of the federal funds rate target range to 4.0%–4.25%, with indications of two more potential rate cuts within the year [1] - Fed Chair Jerome Powell emphasized a cautious approach, describing the rate cut as a "risk management" measure, balancing persistent inflation and employment downturn risks, while asserting that political pressures would not influence decisions [1] Group 2: Market Reactions - The China Gold ETF (518850) saw a weekly decline of 0.68%, while the Gold Stock ETF (159562) experienced a more significant drop of 4.78% [1] - Analysts from Nanhua Futures noted that the Fed's commitment to a monetary easing cycle would influence the short-term rhythm of gold price increases, although the overall trend for gold prices remains upward [1] Group 3: Future Considerations - Investors are advised to closely monitor fluctuations in Fed monetary policy expectations, as well as key economic indicators such as U.S. economic performance, employment, and inflation data, along with changes in Fed personnel and official statements [1]