聚焦黄金｜受多重激励因素影响，国际金价升至4000美元上方

Market Overview - The precious metals market experienced a significant surge during the National Day holiday, with gold prices surpassing $4000 and RMB gold prices reaching 900 RMB per gram, marking a new historical phase [1][2] - The optimism in the gold market is driven by multiple factors, including the U.S. government shutdown, which has heightened uncertainty regarding economic policies and data releases, leading to increased investment in safe-haven assets [1][2] Economic Factors - The U.S. government shutdown has delayed the release of key economic data, such as non-farm payroll and CPI, which has contributed to a weakening employment outlook, reinforcing market expectations for potential interest rate cuts [1][3] - The escalation of U.S.-China trade tensions, including China's restrictions on rare earth exports and Trump's threat of 100% tariffs on Chinese imports, has increased market risk aversion [2][3] Federal Reserve Stance - Mixed signals from Federal Reserve officials regarding interest rate policy have emerged, with some advocating for caution while others support further rate cuts, reflecting the ongoing economic uncertainty [3] Investment Opportunities - The BoShi Gold ETF and its linked funds provide investors with a means to invest in gold through Shanghai Gold Exchange contracts, enhancing investment options for gold [4]