黄金延续上涨趋势，关注黄金基金ETF（518800）、黄金股票ETF（517400）

Core Viewpoint - The gold sector is experiencing significant activity, with COMEX gold prices surpassing 4270 and gold ETFs showing notable increases, driven by heightened expectations for a Federal Reserve rate cut in December and ongoing geopolitical tensions [1][2]. Federal Reserve Rate Cut Expectations - Expectations for a Federal Reserve rate cut in December have risen dramatically to over 80%, with support from several Fed officials, including Christopher Waller, who advocates for a more flexible policy starting in 2026 [1][2]. - The latest Fed Watch data indicates a probability of over 87% for a rate cut in December [1]. Geopolitical Tensions - The outlook for peace talks between Russia and Ukraine remains uncertain, with recent discussions in Geneva yielding a modified plan that has faced resistance from Russia [1][2]. - Tensions between China and Japan continue, with China urging Japan to take its demands seriously, while former President Trump has indicated potential actions against Venezuela, contributing to rising geopolitical risks that favor gold as a safe-haven asset [1][2]. Investment Opportunities - The combination of a potential Fed rate cut, increasing geopolitical uncertainties, and a global trend towards de-dollarization is expected to provide ongoing support for gold prices [2]. - Investors may consider gradually accumulating positions in gold ETFs (518800) and gold stock ETFs (517400) during market dips [2].