黄金基金ETF（518800）涨超1%，近20日资金净流入超23亿元，12月降息预期升温

Group 1 - The recent rise in gold prices is primarily driven by increased expectations of interest rate cuts in December, with a long-term view of reshaping the monetary credit landscape and an anticipated increase in the U.S. fiscal deficit following the passage of the Inflation Reduction Act [1] - China's current gold reserves are relatively low, and the central bank's gold purchases are expected to be a long-term trend, indicating that the pricing factors for gold are currently prioritizing safety over yield, which may boost bullish sentiment in the gold market [1] - After April 2024, the People's Bank of China is expected to halt gold purchases, but will resume buying for 12 consecutive months from November 2024 to October 2025, suggesting a potential upward trend in gold prices [1] Group 2 - The valuation of the precious metals sector is currently at the lower end of its historical range, indicating potential for continued recovery and growth [1] - Investors are advised to consider participating in the market during subsequent pullbacks and to gradually accumulate positions, with a focus on direct investment in physical gold and tax-exempt gold ETFs [1] - Specific ETFs mentioned include the gold fund ETF (518800) and the gold stock ETF (517400), which covers the entire gold industry chain [1]