Group 1 - The core logic of gold investment is based on three main factors: 1) long-term loosening of the dollar credit system and continuous gold purchases by central banks; 2) potential levels of dollar yields, which are influenced by the state of the U.S. economy; 3) short-term demand for safe-haven assets due to geopolitical disturbances [1] - Gold ETF funds hold physical gold contracts traded on the Shanghai Gold Exchange, directly corresponding to the physical gold stored in the exchange's vaults, making investment in gold ETFs equivalent to direct investment in physical gold [1] - The price fluctuations of gold ETFs closely follow the AU9999 spot contracts, which represent domestic gold prices, with a requirement that at least 90% of the fund's assets must be held in physical gold [1]

Core Viewpoint - Gold prices reached a new high on October 15, with COMEX gold standing strong at $4,200 per ounce after a slight pullback on October 9. The gold ETF (518800) rose by 2.45%, leading the market. The medium-term outlook for gold remains positive, with a recommendation to focus on the gold ETF (518800) [1]. Group 1: Key Drivers of Gold Prices - The core logic driving gold prices includes three main factors: (1) long-term weakening of the dollar credit system and ongoing gold purchases by central banks; (2) medium-term potential levels of dollar yields, influenced by the state of the U.S. economy; (3) short-term geopolitical disturbances leading to increased demand for safe-haven assets [1]. - The potential decline in U.S. dollar yields may further support gold prices. A weaker U.S. economy could lead to lower dollar yields, reducing the opportunity cost of holding gold, thus increasing its relative value against the dollar [1]. Group 2: Short-term and Long-term Outlook - In the short term, geopolitical disturbances are likely to persist, which may trigger a surge in gold prices. However, the long-term logic remains solid, suggesting that investors should continue to monitor the situation and consider positioning themselves after any pullbacks [2].