Shenwan Futures: The long-term drivers in the gold sector remain clear.

Shenyin Wanguo Futures reported that after the interest rate decision of the Federal Reserve, gold and silver fell, but began to strengthen again on Friday night, reaching new highs this week. In September, the Federal Reserve risk-managed a 25 basis-point rate cut, in line with market expectations. Only the recently appointed Federal Reserve Board of Governors member Milan supported a 50 basis-point rate cut. Against the backdrop of continued pressure from Trump, the Federal Reserve's rate-cutting stance remains cautious, but the prospect of a rate cut is clear. Market expectations are that there will be two more rate cuts in the remaining two meetings this year. Progress has been made in multiple fronts in the US-China trade negotiations, and the impact of tariffs on inflation may be limited. There are certain expectations for investment growth in the fourth quarter. The US fiscal deficit and debt continue to expand, while central banks such as China continue to increase their holdings of gold. The long-term driver for gold remains clear. After a brief adjustment, the expectation of further rate cuts by the Federal Reserve has extended bullish sentiment.