Core Viewpoint - The three major indices rose collectively, with a strong return of the technology sector, while gold-related products experienced significant declines due to a sharp pullback in gold prices [1] Group 1: Market Performance - As of 13:40, the gold stock ETF (159562) fell by 3.92%, with most holdings declining, while silver and non-ferrous metals also faced steep losses, including a drop of over 9% for Western Gold [1] - The gold ETF Huaxia (518850) decreased by 2.55%, and the non-ferrous metals ETF (516650) fell by 1.69% [1] Group 2: Fund Flows and ETF Performance - The gold stock ETF (159562) saw continuous net inflows over the past eight days, totaling 671 million yuan, with the latest share count reaching 1.398 billion and a total scale of 3.158 billion yuan, both hitting record highs since inception [1] Group 3: Market Analysis and Outlook - Guolian Futures analysts suggest that factors such as policy uncertainty, fiscal sustainability in major economies, expectations of loose monetary policy, regional conflicts, and concerns over the independence of the Federal Reserve will continue to support a strong gold market [1] - Short-term influences like the potential U.S. government shutdown and escalating trade tensions between China and the U.S. are expected to drive gold prices higher, with macro disturbances likely persisting until the end of the month [1] - The probability of a Federal Reserve rate cut in October is seen as supportive for gold [1] Group 4: Mining Sector Expectations - With rising precious metal prices, mining companies' profit expectations are anticipated to be significantly revised upward, with substantial growth expected in the performance of gold stocks in the A-share market for the third quarter [1] - Institutions like Goldman Sachs and Huatai Securities believe that the safe-haven attributes of gold will continue to support both gold prices and the performance of gold stocks in the medium to long term [1]

Group 1 - The core viewpoint is that both liquidity easing from interest rate cuts and inflation driven by tariffs are expected to benefit gold prices as the US economy weakens [1] - The US labor market is showing signs of further cooling, indicated by rising weekly unemployment claims, which increases the necessity for interest rate cuts [1] - The nomination of a new Federal Reserve governor by Trump and the potential for a "shadow chairman" could lead to a more dovish Fed, further supporting liquidity and gold prices [1] Group 2 - The increase in tariffs on Swiss gold imports to 39% may lead to higher gold prices, as Switzerland is a key gold refining center [1] - A recent ruling by the US Customs and Border Protection (CBP) indicates that gold bars may be subject to import duties, which could temporarily boost gold prices [1] - Despite potential clarifications from the US government regarding tariff exemptions, the uncertainty surrounding tariffs may continue to support gold prices in the medium term [1][2]