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]