博时基金王祥：黄金市场震荡上行，美联储释放扩表预期

Core Viewpoint - The gold market experienced a slight increase from December 8 to December 12, driven by the Federal Reserve's announcement of an expansionary monetary policy and a rebound in the gold-silver ratio attracting capital inflows [1][12]. Market Dynamics - The Federal Reserve lowered interest rates by 25 basis points and announced the initiation of a balance sheet expansion program, which will start on December 12, involving the purchase of approximately $40 billion in short-term Treasury bills [2][13]. - Initial jobless claims in the U.S. unexpectedly rose to 236,000 for the week ending December 6, marking the largest increase since July 2021, indicating a weakening labor market [2][12]. Investment Sentiment - The recovery in the gold-silver ratio is one of the factors attracting funds back into gold assets, despite an established downward trend; there is potential for a rebound towards the volatility range observed over the past three years [2][13]. - Overall investment sentiment in precious metals remains high, with varying degrees of upward momentum across different commodities, suggesting that investors should focus on allocation value rather than trading elements [2][13].