黄金基金ETF（518800）涨超0.6%，美元走弱支撑金价走势

Core Viewpoint - Recent rise in gold prices is primarily driven by increased expectations of interest rate cuts in December, with a long-term view of reshaping monetary credit dynamics and an anticipated increase in the U.S. fiscal deficit following the passage of the Inflation Reduction Act [1] Group 1: Gold Market Dynamics - China's current gold reserves are relatively low, and the central bank's ongoing gold purchases are expected to be a long-term trend, leading to a sustained upward movement in gold price levels [1] - The gold-silver ratio is currently at a high level, and with expectations of marginal demand recovery, this ratio is likely to converge [1] - The valuation of the precious metals sector is at the lower end of its historical range, indicating potential for continued recovery and growth in this sector [1] Group 2: Central Bank Actions - The People's Bank of China has increased its gold holdings for 12 consecutive months, which is likely to boost bullish sentiment in the gold market and alleviate previous market concerns regarding high gold prices and a potential halt in central bank purchases [1] - The current pricing factors for gold prioritize safety over yield, reflecting a shift in investor sentiment [1] Group 3: Investment Recommendations - Investors are encouraged to consider participating in gold investments during subsequent price corrections and to gradually build positions [1] - Direct investment in physical gold and tax-exempt gold ETF (518800) as well as gold stock ETFs covering the entire gold industry chain (517400) are highlighted as potential investment vehicles [1]