黄金已成为今年表现最强劲的大宗商品之一，金ETF(159834)年内涨超37%，资金净流入额2.09亿元

Core Viewpoint - The expectation of continued interest rate cuts by the Federal Reserve, combined with rising demand for safe-haven assets, has driven gold prices to new historical highs, with COMEX gold surpassing $3,800 per ounce [1] Group 1: Gold Price Dynamics - Gold ETFs (159834) have seen a year-to-date increase of over 37%, making them the best-performing commodity ETFs [1] - The net inflow of funds into gold ETFs (159834) this year amounts to 209 million yuan [1] - The primary driver of the recent surge in gold prices is the strong market expectation for further interest rate cuts by the Federal Reserve [1] Group 2: Market Influences - Despite Federal Reserve Chairman Powell emphasizing a cautious approach to future rate cuts, the market anticipates significant reductions in rates [1] - The ongoing geopolitical tensions and increased gold reserves by central banks worldwide have heightened demand for gold as a safe-haven asset [1] - Major investment banks, including Goldman Sachs, predict that gold prices will continue to rise [1] Group 3: Long-term Drivers - Reports from Shenwan Hongyuan Futures highlight that the persistent fiscal deficits and growing debt, particularly in China, along with central banks' continued accumulation of gold, indicate clear long-term drivers for gold [1]