Group 1: Market Overview - The precious metals market is experiencing its largest adjustment of the year, primarily due to a potential easing of geopolitical tensions and profit-taking after a significant rally [1] - Since September, international gold prices have increased by $1,000, leading to considerable profits for long positions, which prompted profit-taking as geopolitical risks did not escalate further [1] - The optimistic sentiment in the precious metals market is a collective response across all varieties, reminiscent of the aggressive market enthusiasm seen in 2011 [1] Group 2: Fund Flows and Economic Indicators - After October, there has been a continuous reduction in Shanghai gold futures positions, while COMEX holdings have been halted due to government shutdowns, indicating a shift in the driving force behind gold prices to ETF funds [1] - The marginal driving force for gold prices is weakening, suggesting an increased probability of short-term adjustments [1] - Recent U.S. CPI data was slightly below expectations, clearing obstacles for potential interest rate cuts in the remaining part of the year, while the quality and independence of data have been challenged due to government shutdowns [2] Group 3: Geopolitical Factors - New rounds of negotiations between China and the U.S. in Malaysia have led to preliminary agreements, which could reduce trade tensions and negatively impact gold prices in the short term [2] - The EU's support for U.S. proposals regarding a ceasefire in the Russia-Ukraine conflict, along with new sanctions on Russia, adds to market volatility, indicating that geopolitical risks may temporarily weigh on gold prices [2] - Despite short-term negative impacts, the complexity of long-term geopolitical dynamics will continue to support gold's safe-haven demand [2] Group 4: Investment Products - Bosera Gold ETF and its linked funds track the performance of gold prices in RMB through investments in gold spot contracts on the Shanghai Gold Exchange, providing investors with diverse investment options in gold [3] - Investors can purchase linked funds through official channels starting from a minimum of 1 RMB, enhancing accessibility for a broader range of investors [3]

Group 1 - The gold market experienced a high-to-low trend influenced by the Federal Reserve's hawkish stance, but overall adjustments were limited due to persistent risk aversion amid political uncertainties [1][2] - The Federal Reserve lowered interest rates by 25 basis points as expected, but the guidance indicated only one rate cut in the following year, which was more hawkish than market expectations [2] - Strong retail sales data in the U.S. for August exceeded expectations, with a month-on-month increase of 0.6%, contributing to the Fed's hawkish outlook [2] Group 2 - Switzerland's gold exports to China surged by 253% in August, reaching 35 tons, while exports to the U.S. plummeted by 99% to only 0.3 tons, indicating a significant shift in global gold flows [3] - The BoShi Gold ETF and its linked funds allow investors to track the performance of gold prices in RMB through investments in Shanghai Gold Exchange's spot contracts, enhancing investment options for gold [3]

Market Overview - The gold market faced resistance around $3,400 last week due to significantly higher-than-expected July PPI data [1] - The meeting between Trump and Putin increased the likelihood of a resolution to the Russia-Ukraine conflict, which may weaken geopolitical support for gold [2][3] - Domestic investors continued to realize gains in gold amid a favorable equity market backdrop [1] Economic Indicators - The U.S. July CPI remained steady at 2.7% year-on-year, matching the previous value, while the core CPI rose from 2.9% to 3.1%, supported by rising service costs [1] - The July PPI surged to 3.3% year-on-year, significantly exceeding the market expectation of 2.5%, with core PPI also rising to 3.7% [3] - The increase in PPI indicates potential upward pressure on inflation, with expectations for continued inflationary trends due to tariffs on imported goods [1][3] Monetary Policy - U.S. Treasury Secretary Becerra suggested a potential rate cut of over 150 basis points, with an initial cut of 50 basis points expected in September [2][3] - This statement reflects increasing political pressure on the Federal Reserve from the Trump administration [2] Geopolitical Developments - The recent U.S.-Russia summit in Alaska has marginally increased expectations for a ceasefire in Ukraine, with further diplomatic engagements planned [2][3] - Ukrainian President Zelensky is scheduled to visit Washington, indicating ongoing negotiations for a peace framework [3] Investment Trends - Following the U.S. clarification that gold would not be subject to tariffs, COMEX gold net longs were reduced, while European and American gold ETFs saw net inflows [2] - The increase in mini trust investments by individual investors outpaced that of SPDR, indicating a shift in investment dynamics [2]