特朗普施压美联储降息，金价继续脉冲，低费率黄金ETF华夏（518850）年内涨幅超30%

Core Points - The U.S. stock market experienced a significant decline on April 21, with the Dow Jones falling by 2.48%, the S&P 500 down by 2.36%, and the Nasdaq dropping by 2.55% [1] - The U.S. dollar index fell below the 99 and 98 thresholds, reaching a three-year low, while international gold prices surged above $3,400, with COMEX gold futures rising by 3.21% to $3,435.10 per ounce, marking a new historical high [1] - Gold ETFs, such as Huaxia (518850), saw a 1.88% increase, with a year-to-date gain of 30.51%, and a recent scale of 4.15 billion, attracting over 2.2 billion in funds in the last 60 days [1] - The market is increasingly concerned about the potential removal of Federal Reserve Chair Jerome Powell before the end of his term in 2026, with the likelihood of this happening rising from under 10% at the end of March to 23% [1] Market Sentiment - The trade situation has heightened risk aversion, contributing to a 30% year-to-date increase in gold prices, leading the performance among major assets [2] - The core logic behind the rise in gold prices is attributed to issues surrounding U.S. dollar credit, which are expected to persist and potentially worsen [2] - The U.S. economy faces a dilemma between recession and stagflation, with the Treasury expected to exhaust its funds by the third quarter, prompting Congress to possibly raise the debt ceiling, which may encourage long-term investment in precious metals [2]