Group 1 - COMEX gold inventory remained stable at 1119.46 tons as of December 17, 2025, unchanged from the previous trading day [1][2] - On December 17, 2025, COMEX gold closed at $4373.40 per ounce, marking an increase of 0.93%, with an intraday high of $4383.60 and a low of $4330.70 [1][2] Group 2 - The Federal Reserve has maintained vigilance regarding inflation despite announcing interest rate cuts, with internal divisions on risk balance among members [2] - Some Federal Reserve members express concerns about the lasting impact of tariffs and potential tightening in the labor market, which could elevate inflation, while others focus on the risks of declining inflation [2] - The Federal Reserve has adopted a highly flexible policy approach, moving away from a clear preset path due to above-target inflation levels, varied economic outlooks, and uncertain external shocks [2]

Core Viewpoint - Despite announcing interest rate cuts, the Federal Reserve remains vigilant about inflation, indicating a complex decision-making environment where it must balance inflation control and employment support [1] Group 1: Federal Reserve's Stance - The Federal Reserve acknowledges internal divisions regarding risk balance, with some members concerned about the lasting impact of tariffs and potential tightening of the labor market leading to increased inflation [1] - Other members focus more on the downside risks of inflation, highlighting the complexity of the current decision-making environment [1] Group 2: Future Policy Path - The Federal Reserve maintains a high degree of flexibility in its policy approach, abandoning a clear preset path due to higher-than-target inflation, varied economic outlooks, and uncertain external shocks [1] - The Fed's strategy now relies heavily on data and adopts a vague guidance approach, reflecting the need to navigate between two boundaries: avoiding premature or rapid easing that could entrench inflation and preventing overly tight policies that could stifle economic expansion and harm the labor market [1]