#BTC与代币化贵金属对比 The Fed's dovish actions this time have given gold a strong boost. Let's look at two angles to understand why gold is rallying.

**Directly: Rate cuts + bond purchases, the dollar and US bond yields can't escape**

Three consecutive rate cuts, and this time another 25 basis points lower. Although some members of the committee want to keep rates steady, the overall direction is clear—easing. With rates going down, the appeal of earning interest in the dollar diminishes, and US bond yields also decline. For non-interest assets like gold? It’s a win. Holding costs significantly decrease, and funds are eager to allocate into it.

More importantly, starting from December 12, the Federal Reserve will buy $40 billion worth of Treasury bills within 30 days. This is equivalent to injecting liquidity directly into the market. The "risk-off + high yield" appeal of the dollar is diluted, highlighting the value of gold holdings.

**Looking further: The interest rate trajectory is set, but the economy and inflation are tearing apart**

The dot plot shows: rate cuts next year and the year after. This signals to the market—don’t rush, there won’t be a sudden hawkish turn. The upward logic of gold based on a loose cycle remains intact.

A fascinating contradiction emerges. On one hand, the Fed raised its GDP forecasts for the next three years, but on the other hand, it warns that economic uncertainty is high and employment is still declining. What does the market think? The economy is unstable, so gold should be bought. On the other hand, inflation is still high, but the Fed has lowered its inflation expectations for next year. The result is: gold’s inflation hedge value remains, but the concern that "high inflation forces rate hikes" has been eased.

In the short term, this round of intensive easing signals will likely push gold to break through $4,230. In the medium term, the easing cycle will continue, economic outlook remains uncertain, inflation is sluggish—gold’s roles as a safe haven, inflation hedge, and non-interest asset are all playing their part. $BTC $ETH