Core Insights - COMEX gold futures prices experienced fluctuations, breaking through $4239.8 before closing at $4224.90, up 1.48% [1] - The Federal Reserve's "Beige Book" report indicated little overall change in economic activity since the last report, with a slight decline in consumer spending, particularly in retail [1] - Geopolitical risks and trade tensions are driving demand for safe-haven assets, with short-term overbought conditions not indicating a trend reversal [1] Economic Activity - The Federal Reserve's report showed that overall economic activity has remained stable, with consumer spending, especially in retail, experiencing a slight decline [1] - Employment levels have remained stable, but demand for labor across various regions and industries is generally weak [1] Market Performance - COMEX gold futures reached a record high of $4220 per ounce during European trading before retreating to around $4200 [1] - Gold ETFs, such as Huaxia (518850), rose by 2.32%, while gold stock ETFs (159562) increased by 1.63% [1] Investment Sentiment - Analysts from CITIC Futures noted that the combination of Federal Reserve rate cut expectations, escalating trade tensions, and geopolitical risks is boosting demand for safe-haven assets [1] - Despite being in an overbought territory, the increase in volatility reflects an expansion of sentiment rather than a reversal of trends, with mid-term bullish logic remaining solid [1]

Group 1 - The US dollar index (DXY) continues to decline, breaking below the 99.00 level and approaching key support around 98.80, with expectations of multiple rate cuts by the Federal Reserve in October and December exceeding 90% [1] - The euro/dollar has rebounded from a low of 1.1542 this week, currently testing the neckline of a double bottom pattern around 1.1630, supported by dovish comments from the Fed and improved risk appetite [1][3] - Gold prices have been supported by buying interest for the fourth consecutive day, breaking above $4200 amid geopolitical tensions and trade friction, with expectations of rate cuts contributing to the demand for non-yielding assets [1][3] Group 2 - Global trade tensions and geopolitical risks are impacting the energy market, with oil prices potentially facing pressure if global demand expectations are revised downward, despite a weaker dollar typically supporting oil prices [2] - Market reactions are driven by dovish Fed expectations and the US fiscal deadlock, leading to a weaker dollar and increased safe-haven buying in gold, while the euro has rebounded due to improved risk sentiment [3]