降息落地后，金价的可能走向

Investment Rating - The investment rating for the industry is Neutral (downgraded) [7] Core Views - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 4.00% and 4.25%, shifting focus from inflation to employment risks [3] - The market has already priced in the recent rate cut, with limited upward potential for gold prices in the short term, and attention should be paid to potential pullback risks [4] - The consistency among Federal Reserve Board members regarding rate cuts indicates limited political interference from the White House, which may lead to a more stable policy environment [4] - The long-term bullish logic for gold prices remains intact, with expectations of further rate cuts in October and December, which would lower the opportunity cost of holding gold [9] Summary by Sections Federal Reserve Actions - The Federal Reserve's recent rate cut is characterized as a risk management cut, with expectations for two more cuts within the year, totaling a potential reduction of 50 basis points [3][4] Market Performance - Gold prices have increased by 11.82% over the past month, but the potential for further increases is limited due to already high price levels [4] - The market performance of precious metals has shown a decline of 10% recently, indicating a need for cautious investment strategies [7] Future Outlook - The ongoing increase in gold reserves by China, with an addition of 60,000 ounces in August, reflects strong demand for gold as a safe-haven asset amid global uncertainties [9] - The political dynamics surrounding the Federal Reserve's leadership changes are crucial to monitor, as they may influence future monetary policy and market reactions [5]