来源：市场投研资讯 （来源：博时基金） 黄金市场上周（12.1-12.5）窄幅震荡，美联储12月降息预期已被市场充分定价，白银与铜的交投情绪对 黄金的提振较为有限。日本央行表述鹰派的情况下，全球流动性仍边际趋紧，债券利率抬升压制黄金投 资者参与情绪。 王祥 博时黄金ETF基金经理 市场观点方面 过往一周（12.1-12.5）黄金市场呈现窄幅震荡，一方面，美国周内公布的11月ADP就业数据、9月实际 PCE及11月制造业PMI均不及预期，显化了美国经济边际走弱的背景，并提振潜在刺激预期。 日本央行表述鹰派，市场流动性收缩。日央行行长发表鹰派讲话，强化了加息预期，市场风险偏好和流 动性趋于紧张，欧美债券收益率走高。 博时黄金ETF基金（159937）及联接基金（A:002610，C:002611）通过投资于上海黄金交易所的黄金现 货合约跟踪人民币黄金价格表现。投资者可在博时基金APP、博时基金官网等官方渠道购买联接基金， 最低1元起买（具体以各渠道公告为准），该基金进一步丰富了广大投资者对黄金的投资方式。 ➤ 市场对明年联储的宽松一致预期也较高，这导致当前黄金缺乏进一步上行的额外推动力量。 ➤ 而周内日本央行明显 ...

Core Viewpoint - The precious metals market experienced a notable increase last week, primarily driven by concerns over the future independence of the Federal Reserve following the planned retirement of Atlanta Fed President Bostic in February. However, the focus of several Fed officials on inflation has lowered expectations for future interest rate cuts [1][2]. Market Dynamics - The U.S. government ended its longest shutdown in history, lasting 43 days, after President Trump signed a temporary funding bill [3]. - A growing number of Federal Reserve officials are adopting a cautious stance on further rate cuts due to inflation concerns, reducing the likelihood of a December rate cut to below 50% [3]. - President Trump announced a reduction in tariffs on various food products, including beef and coffee, in response to rising living costs, indicating a potential easing of trade tensions [3]. - The reopening of the government has alleviated short-term liquidity pressures, but its impact on the gold market is expected to be neutral, with gold remaining in a consolidation phase [2][3]. Investment Products - The 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].