Expectations for interest rate cuts have risen. On the evening of November 25th, Beijing time, Federal Reserve Governor Michelle Bowman stated that the US economy needs significant interest rate cuts, as monetary policy is hindering economic development. Bowman believes the US does not have an inflation problem and the Fed should lower interest rates to a neutral level as soon as possible. Additionally, New York Fed President John Williams also sent dovish signals after the data release. He mentioned that as the labor market cools, the Fed still has room for further rate cuts in the near term to adjust its policy stance closer to neutral. These statements have rapidly fueled market expectations for Fed easing. As of 3:00 PM Beijing time on the 26th, according to the CME FedWatch Tool, the probability of a 25-basis-point rate cut at the Fed's December meeting has surged to 80% from around 40% a week ago.

Rising rate cut expectations have pushed gold back above $4,100 per ounce. From a medium to long-term perspective, the core drivers for gold's upward trend remain unchanged: the US dollar credit system is being challenged, the US government still faces multiple issues, and frequent global geopolitical instability continues to boost demand for gold as a safe-haven asset. Investors focusing on the gold sector can pay attention to the Gold Fund ETF (518800), which directly invests in physical gold, and the more flexible Gold Stock ETF (517400).