机构看金市：9月22日

Core Viewpoints - The recent Federal Reserve interest rate cut of 25 basis points has led to a wide fluctuation in precious metal prices, but the fundamental trading logic for these metals remains unchanged, supported by their financial attributes amid weak economic data and resilient inflation [1][2] - The current market is characterized by a cautious approach towards precious metals, with expectations of short-term adjustments despite a strong medium-term outlook [2][3] Group 1: Market Reactions - The Federal Reserve's decision to restart its easing cycle has resulted in a decline in the US dollar index, which fell to a ten-week low, contributing to the volatility in precious metal prices [1] - The market is currently focused on domestic stimulus policies and easing expectations, leading to an overall increase in risk appetite [2] Group 2: Price Predictions - Despite gold prices hovering around $3,600, the ongoing economic uncertainties and the Fed's easing measures suggest that significant declines in gold prices are unlikely, with potential for prices to reach $4,000 by the end of 2026 [3] - The balance of risks for gold is becoming more even, with geopolitical concerns still providing support, but trade tensions easing could lead to increased pressure on gold prices [4]