Woofun AI reports that CICC’s latest research indicates current gold prices may have excessively incorporated Federal Reserve rate hike expectations. The macro team argues that despite employment and consumption pressures, alongside rising U.S. AI financing demand, the Fed is unlikely to adopt a substantially hawkish stance, favoring a 'naming hawk, acting dove' approach. Current gold levels near $4000 per ounce imply 3-4 rate hikes, surpassing rate futures market projections. As oil price declines further impact short-term U.S. inflation data, CICC anticipates a correction in gold's pricing of rate hike expectations, creating repositioning opportunities for short-term funds in the futures market.