$ETH 12 December 10, A-shares three major indices collectively retraced, while the precious metals market showed structural strength — COMEX gold and silver futures rebounded, with COMEX silver 2603 contract rising over 4% during the trading session, driving the gold and non-ferrous metal sector to strengthen against the trend. As of 10:00 on that day, the gold stock ETF (159562) rose by 0.86%, with holdings in Hunan Silver rising over 4%, and stocks such as Laopu Gold, Silver Non-ferrous, and Shanjin International also showing strength; Gold ETF Huaxia (518850) rose by 0.63%, while the non-ferrous metal ETF fund (516650) slightly fell by 0.07%.

The funding side continues to increase investment in gold tracks, statistics show (data source: Wind), Gold ETF Huaxia (518850) has seen continuous net inflows of funds over the past 5 days, totaling “capturing” 410 million yuan, with the latest share reaching 1.124 billion shares as of December 9, a new high since its establishment. Behind this trend is the triple resonance support from the global central bank gold purchasing spree, the expectation of interest rate cuts by the Federal Reserve, and the weakening of the dollar's credit. Since 2025, London gold has accumulated a nearly 58% increase, with a historical record of 4294.35 USD/ounce set in October.

The current market focus is on the Federal Reserve's interest rate meeting in December. The CME FedWatch Tool shows that the market bets on a 92% probability of a 25 basis point rate cut in December. According to institutional views, since late November, the core driving force for the rise in gold prices has been the warming of interest rate cut expectations and the decline of the dollar index, but short-term interest rate cut expectations have been fully priced in. Coupled with a short-term rebound in the dollar index and a recovery in market risk appetite, gold prices are under pressure showing a fluctuating pattern. Nanhua Futures points out that in the short term, attention should be paid to the guidance on the interest rate cut rhythm for 2026 released by the meeting, as well as the fluctuations in the spot market brought about by COMEX silver delivery. In the medium to long term, under the background of supply and demand imbalance and monetary easing, gold still has breakthrough potential, with the medium to long-term target for London gold pointing to the 4400 USD/ounce level. #比特币VS代币化黄金