降息预期升温，金价短期有望上行

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The expectation of interest rate cuts is rising, which is likely to support gold prices in the short term [1][6] - Recent market performance shows a significant decline in various sectors, with the SW Nonferrous Index increasing by 1.26% [4][6] - Concerns over the deteriorating fiscal situation in the U.S. have led to a drop in the dollar index, providing buying support for gold [6] Summary by Relevant Sections Recent Market Performance - The Shanghai Composite Index fell by 0.57%, while the SW Nonferrous Index rose by 1.26% [6] - COMEX gold and silver prices increased by 4.99% and 4.16%, respectively [6] Industrial Metals - Copper prices are supported by a tight supply of copper concentrate, while demand is affected by high prices and slowing investment in real estate and infrastructure [6] - Aluminum production is increasing, with a slight rise in operating rates [6] Precious Metals - Gold prices are expected to rise in the short term due to increasing interest rate cut expectations [6] - COMEX silver inventory decreased by 0.45% compared to the previous week, while Shanghai Futures Exchange silver inventory increased by 2.32% [6] Energy Metals - Rare earth prices are experiencing fluctuations, with a decline in prices for various rare earth elements [6] - Lithium carbonate prices have dropped due to high inventory levels and reduced demand [6]