A：Recent US economic data has shown a certain level of resilience. The manufacturing PMI for November was 48.4, higher than expected and the previous value, but still in contraction territory overall. The services PMI was 52, in expansion territory, but lower than expected and the previous value, indicating a slowdown in the expansion of the service sector. At the same time, the December Michigan Consumer Sentiment Index exceeded expectations and the previous value, climbing for five consecutive months. However, one-year inflation expectations rose to a six-month high of 2.9%, while long-term inflation expectations slightly decreased to 3.1%. In terms of non-farm employment indicators, the number of new jobs added in November exceeded expectations, but the unemployment rate has increased slightly, reflecting a gradual recovery in the labor market after hurricanes and the Boeing strike. However, labor force participation has declined, indicating a potential downside trend in the labor market in the medium term.

A：In November, the United States added 227,000 new non-farm jobs, higher than expected, with the unemployment rate rising to 4.2% and wage growth holding steady at 0.4% month-on-month. This may put some pressure on inflation in the United States. Although the non-farm data reflects the resilience of the job market, the slight increase in the unemployment rate and the lower-than-expected ADP employment numbers indicate that the mid-term cooling trend in the job market will continue. This is consistent with the previous statements by the Federal Reserve and may further open up space for interest rate cuts.

A：The Federal Reserve began a new round of interest rate cuts in September and decided to reduce the benchmark interest rate by 25 basis points to a level of 4.5% to 4.75% at the November meeting, while maintaining the size of its balance sheet unchanged. In the statement, the Fed expressed a general weakening of the labor market environment, deleted the statement about inflation approaching the target and having more confidence in returning to the 2% inflation target, showing a fading attitude towards inflation. Chairman Powell's remarks were relatively neutral, indicating that the short-term interest rate decision would not be affected by the election results, but confirming that the current interest rate level is tight, they will continue to cut interest rates, but will not provide too much forward guidance. Market expectations for further rate cuts in December have strengthened, with federal funds rate futures indicating an increase in the probability of a rate cut in December.

A：Although some Federal Reserve officials are trying to slow down market expectations for a rate cut, weak economic data strengthens the market's expectations for further rate cuts in December. The Federal Reserve will hold its December meeting tonight, and its decision is worth paying close attention to. The Fed has already begun a rate-cutting cycle, and the trend towards looser liquidity will not change. Although the economic growth rate is declining, the probability of a soft landing is high and the risk of recession is low. Assets that are more affected by liquidity and safe haven assets such as gold may benefit from loose expectations in the future.

A：According to historical trends, the price of gold and the real interest rates in the United States often exhibit an inverse relationship. When real interest rates in the United States rise, the returns on holding interest-bearing assets like the US dollar increase, leading investors to potentially reduce their investments in gold, causing the gold price to decrease.

A：Despite the Federal Reserve implementing a violent interest rate hike policy starting in 2022, international gold prices have not fallen as a result, but instead have remained in a state of high volatility and continuous upward movement, especially since March 2022, when the price of gold even surpassed $2000 per troy ounce. Gold has a clear safe-haven property, which has been particularly prominent this year. This property is reflected in its hedging effect against the US dollar credit system, especially when geopolitical risks occur, such as the Russia-Ukraine conflict, which impacts the US dollar credit system, supports the price of gold, and may lead to an increase in its value.

A：When the US economy is strong, the dollar is strong, and real interest rates are rising, the price of gold is usually suppressed; conversely, when the US economy is declining, the dollar is weak, and yields are falling, the price of gold performs relatively well. In addition, geopolitical conflicts that impact the US dollar credit system can also provide medium to long-term support for the price of gold.

A：The main reason for the rise in the price of gold this year is the market's increasing expectations of a Federal Reserve interest rate cut, as well as an increase in central bank gold purchases and escalating geopolitical conflicts, which are all positive factors for the price of gold. From February to November this year, the price of gold has experienced multiple corrections and rises, influenced by various factors such as changes in US economic data, CPI data, non-farm data, Fed policy expectations, and uncertainties brought by Trump's election. Currently, the price of gold is in a state of high volatility and consolidation, affected by short-term bullish factors such as expectations of a Federal Reserve interest rate cut and uncertainty surrounding the US election, as well as repeated safe-haven sentiments.

A：In the short term, there may be an amplification of price fluctuations in funds, requiring observation through technical analysis and monitoring of macroeconomic indicators, such as this week's Federal Reserve meeting. Looking at the medium term, the Federal Reserve's initiation of an interest rate cutting cycle will benefit the price of gold. Some of Trump's policies, such as geopolitical conflicts, may have a certain impact on the price of gold in the short term. Although the assessment of geopolitical conflicts is not a short-term event, reducing uncertainty poses greater difficulty, but in the long run, Trump's policies may lead to an increase in inflation expectations, thereby benefiting the price of gold in the medium term.

A：Trump's policy of increasing tariffs has intensified global geopolitical uncertainty, which is reflected in the phenomenon of central banks around the world increasing their holdings of gold. In particular, after the US-China trade war, the amount of gold held by central banks globally has risen, reflecting to some extent an increase in central bank willingness to buy gold due to Trump's policies, which may push up domestic inflation in the United States and be positive for gold prices in the medium term.

A：The People's Bank of China increased its gold holdings in November, marking its first purchase in six months and bringing a positive effect on the gold price. Overall, both the U.S. economy (with the Federal Reserve starting a rate-cut cycle) and the demand for safe-haven assets (due to geopolitical conflicts and Trump's policies) point to a strong long-term bullish logic for gold. The process of dollarization also has a lifting effect on the central price of gold.

A：Against the backdrop of global currency system challenges, the US dollar credit system is threatened, global geopolitical instability is driving the diversification of asset reserves, and the demand for gold as a safe asset continues to rise. Therefore, in the medium to long term, gold remains positive for the price of gold.

A：The ways to invest in gold include physical gold, futures, gold ETF funds, and gold company stocks. For small and medium investors, investing in gold-related ETF funds is more suitable because of their low investment threshold and ability to effectively diversify risks, such as investing in the 518800 gold fund ETF and its linked funds. In addition, there is also a gold stock ETF (code 517400) that covers the entire industry chain, but equity asset volatility is greater and is more suitable for investors with higher risk tolerance.

A：In the first quarter, the overall performance of the US stock market showed a rapid increase, mainly due to better-than-expected employment data and PMI, indicating a clear trend of economic recovery in the US. At the same time, the Federal Reserve hinted at a rate cut later in the year, leading to a trend of rate cut trading in the market. In addition, the continuous advancement of large models of artificial intelligence represented by Chat GPT and the growth in demand within its related industry chain, supported the performance of technology stocks. Technology companies benefiting from the advancement of AI large models have shown impressive performances.

A：In the second quarter, US employment data showed resilience, inflation exceeded expectations and remained stubborn, leading to a decline in market risk appetite in April. However, the May statement from the Federal Reserve was dovish, and the US economy subsequently slowed, leading to a new round of rate-cut trades in the market. Strong performance from leading stocks exceeding expectations boosted market confidence in profit growth, causing a rebound in the US stock market in May. Rate-cut expectations continued in June, with US stocks continuing to rise.

A：In the third quarter, the overall performance of the US stock market remained flat and saw a slight increase. Initially, there was a decline in trading due to strengthening recession expectations caused by economic data turning negative, coupled with tech giants' performance falling short of expectations leading to a downward trend in the stock market. However, in September, the Federal Reserve started cutting rates, economic data improved once again, recession trading eased, ultimately leading to a rebound in the US stock market in September. Overall, the third quarter saw an increase in stock prices, but with significant fluctuations.

A：The acceleration of the industry cycle and the stability of the macro environment are the basis for maintaining high stock valuations in the US. The effect of AI development on productivity growth is relatively slow, and it is necessary to continue to observe the realization of the performance of leading technology companies. In 2025, the macroeconomic volatility risk in the US stock market may increase, mainly due to the uncertainty of the Trump administration's policies and the risk of valuation bubbles caused by the rapid rise in 2024. However, considering the resilience of current economic data, there is no particularly pessimistic view on the US stock market, but investors need to be alert to volatility risks.

A：The Federal Reserve's initiation of an interest rate cut cycle is beneficial for the Hong Kong stock market, and Hong Kong stocks are relatively undervalued, so it is worth paying attention to. Hong Kong stocks benefit from loose overseas liquidity, with considerable returns expected this year, reflecting the improvement in liquidity and the unexpected effects of domestic economic stimulus policies. Positive statements from the policy side on the economy are expected, and future incremental policies are likely to further improve demand, with fiscal policy also promising. In the long run, the investment value of Hong Kong stocks is highlighted, and investment opportunities such as the Hong Kong Stock Connect 50ETF, platform-type internet companies, and dividend-paying sectors should be actively monitored.