金ETF(159834)红盘向上涨2.50%，近6日获资金净流入近2亿元，机构研判黄金长牛格局有望延续

Group 1 - The core viewpoint is that gold ETFs are experiencing significant inflows and price increases, driven by macroeconomic factors such as the dilution of fiat currency credit and expectations of interest rate cuts by the Federal Reserve [1][2] - As of October 20, the gold ETF (159834) has seen a recent share high and a total net inflow of 197 million yuan over the past six days, indicating strong investor interest [1] - The South China Securities report highlights that the long-term bullish trend in gold is supported by high fiscal deficits and monetary expansion, positioning gold as a valuable asset for passive revaluation [1] Group 2 - The expectation of interest rate cuts by the Federal Reserve has intensified, with a 97% probability of a 25 basis point cut in October and a 100% probability in December, which is a significant driver for gold prices [2] - The deterioration of international trade relations, particularly threats of increased tariffs on China, alongside geopolitical tensions in the Middle East, has enhanced gold's appeal as a safe-haven asset [2] - The report from Dongfang Caifu Securities suggests that the current low levels of gold reserves in countries like China and Poland compared to the Eurozone indicate substantial room for future increases in gold holdings [1]