百利好丨降息预期升温，金价突破4200美元

Core Insights - The latest Federal Reserve "Beige Book" report indicates a further decline in overall consumer spending and signs of weakness in the labor market, with AI technology applications suppressing hiring demand and tariff policies increasing costs for manufacturing and retail sectors [1] Economic Data Summary - Recent economic data reflects a slowdown in the growth of consumer spending, increasing downside risks in the labor market, and a growing market expectation for a 25 basis point rate cut by the Federal Reserve in December, with over 90% probability according to interest rate swap markets [3] - Following the rate cut expectations, the U.S. stock market saw a rebound, particularly in the technology sector, with significant gains in chip and AI-related stocks, leading to collective increases in the Dow Jones, S&P 500, and Nasdaq by 0.67%, 0.69%, and 0.82% respectively [3] Precious Metals Market Summary - In the precious metals market, expectations of a dovish successor for the next Federal Reserve chair and the anticipated continuation of accommodative policies next year have contributed to a decline in U.S. Treasury yields and the dollar index, resulting in a significant rise in international gold prices, which surpassed $4200 per ounce, closing at $4202.3 with a 1.50% increase [3]