On September 23, continued market bets on interest rate cuts, coupled with catalysts such as frequent hacker attacks on cryptocurrencies and the risk of a US government shutdown, propelled gold prices to pulse higher again. COMEX gold futures prices once touched $3824.6 during the session, setting another historical record, before experiencing a slight pullback in the final trading hours. As of the close, COMEX gold futures rose 0.58% to $3796.9 per ounce, with a year-to-date increase exceeding 43%, marking the best annual gain on record. By the close of the Asian market, the Gold ETF Hua Xia (518850) rose 1.19%, and the Gold Stock ETF (159562) rose 1.27%.

On the news front, Milan, the new Fed governor, presented a surprising view in his first policy speech, stating outright that the benchmark interest rate is far above a reasonable level and should be actively and significantly lowered. He believes there is nearly 2 percentage points of room for rate cuts, but this radical stance has left him isolated within the Fed.

CITIC Futures analysis points out that current rate cut expectations remain the core bullish driver for gold. Moderate inflation combined with weak employment clears the path for Fed rate cuts. Fed Watch indicates that expectations for Fed rate cuts within the year have expanded to three times. Once the rate-cutting cycle restarts, dovish expectations are expected to continue dominating gold's upward trend. With the imminent leadership change at the Fed, Trump's control over the Fed is expected to substantially increase, creating room for imagination regarding远期 rate cuts. The increased risk to the Fed's independence also strengthens the grand narrative of declining US dollar credibility, providing greater flexibility for gold prices.