在全球经济格局深度调整、主要央行货币政策转向的背景下，贵金属市场持续吸引着市场的目光。宏源 期货研究所分析师王文虎在"期货大家谈——2025期货业盘点"系列访谈第四期中表示，多国愈演愈烈的 债务膨胀预期，为黄金、白银价格提供了坚实支撑，其"硬通货"的避险与抗通胀属性在当下环境中尤为 凸显。 货币政策转向：美联储"宽松预期"托底金价 美联储的货币政策走向始终是影响全球资产价格的核心变量。王文虎表示，当前美国经济数据呈现复杂 图景，制造业PMI连续多个月位于荣枯线下方，就业市场虽有韧性但已出现波动信号（如11月ADP新增 就业为负），而通胀虽自高位回落但仍具黏性。这种"不确定"的宏观组合，强化了市场对美联储未来降 息并采取"技术性扩表"的预期。 美联储明确于2025年12月结束缩表，并启动每月约400亿美元的"准备金管理购买"（RMP）计划，以应 对即将来临的2026年4月税期流动性压力。王文虎认为，此举被市场解读为变相的宽松信号，同时，市 场交易暗示2026年可能存在降息空间。历史上，在美联储降息周期开启前后，黄金等大宗商品往往表现 强势。 财政扩张潮起：全球债务膨胀助推黄金"信用替代"属性 如果说货币宽松是" ...

Group 1 - COMEX gold prices reached a historic high of $3616.9 per ounce, with an increase of over 7.5% since August [1] - Several gold ETFs, such as Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF and Guotai CSI Hong Kong and Shanghai Gold Industry Stock ETF, have also reached new net asset value highs [1] Group 2 - The fund manager of Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF noted that Jerome Powell's dovish remarks at the Jackson Hole global central bank meeting have led the market to interpret a potential interest rate cut in September [3] - Huashan Fund indicated that the high levels of U.S. debt and interest costs are prompting President Trump to seek interest rate cuts to alleviate the debt burden [3] - Concerns about the independence of the Federal Reserve have arisen following Trump's dismissal of Fed Governor Cook, which may impact market sentiment [3] - Huashan Fund also highlighted that the current "high interest rates + high debt" scenario results in significant interest costs for U.S. government debt, maintaining risks related to U.S. Treasury and dollar credit [3] - There is an expectation that global central banks may continue to increase gold holdings while reducing dollar assets to diversify foreign exchange reserves, making gold's future performance promising [3]