华安基金：中美缓和落地，美联储如期降息并停止缩表

Core Viewpoint - Gold prices experienced a decline last week, with London spot gold closing at $4,003 per ounce, down 2.6% week-on-week, and domestic AU9999 gold at 922 yuan per gram, down 2.0% week-on-week [1] Group 1: Economic and Political Factors - The successful meeting between the US and China leaders in Busan led to a temporary easing of negative factors for gold, with the US reducing the 20% "fentanyl tariff" to 10% and suspending the 24% reciprocal tariff for one year [1] - Despite positive developments, uncertainties in global trade order may persist due to Trump's protectionist policies and the "America First" ideology [1] Group 2: Monetary Policy and Market Expectations - The Federal Reserve lowered interest rates by 25 basis points to a range of 3.75%-4.0% and announced plans to stop balance sheet reduction by December 1 to address liquidity concerns [1] - There are mixed signals regarding future rate cuts, with market expectations for one cut this year and two next year, while the probability of a December rate cut is around 70% [1] Group 3: Investment Strategy and Outlook - Investors are advised to focus on asset allocation to diversify risks and adopt a steady investment approach in gold, particularly during low price levels [2] - The continuation of the Fed's rate cut cycle, declining US debt credit, and global central banks maintaining gold purchases are seen as long-term support for gold investments [2] Group 4: Key Signals to Monitor - Key signals for the upcoming week regarding gold ETFs include the US October employment data and the purchasing behavior of the Chinese central bank regarding gold [3]