黄金的避险吸引力未能得到提振，短期内缺乏冲刺新高的动力

Group 1 - The core viewpoint of the articles indicates that recent tax policy adjustments by the Ministry of Finance and the State Taxation Administration regarding gold will enhance the clarity and health of the gold market, effective from November 1, 2023, until December 31, 2027 [1] - The policy aims to better distinguish between the commodity and financial attributes of gold, with specific adjustments to the value-added tax policy for gold purchased on exchanges [1] - Despite the long-term upward trend for gold, short-term market conditions are currently weak, influenced by cautious interest rate policies from the U.S. Federal Reserve and positive developments in U.S.-China trade negotiations, leading to a decline in spot gold prices by over 2% last week [1] Group 2 - According to the World Gold Council, gold investment demand surged to 537 tons in the third quarter, representing a 47% year-on-year increase [3] - Retail gold investment demand in China reached 313 tons in the first three quarters, marking the highest level since 2013 [3] - The current market environment suggests that there is still potential for further upward movement in gold prices [3]