博时基金王祥：国际金价波动加剧，贸易战走向扰动市场风险偏好

Core Viewpoint - The international gold market experienced increased volatility due to trade war developments, significantly impacting gold prices and market risk appetite [1][2][3] Market Dynamics - Gold prices exhibited a V-shaped trend from April 28 to May 5, initially declining before rebounding, influenced by changing risk preferences amid tariff negotiations [1] - Following a rapid increase in April, gold prices require time for consolidation, with recent headwinds emerging from signals of easing tensions from the Trump administration and better-than-expected U.S. economic data [1][3] - The U.S. GDP contracted by 0.3% in Q1, marking the lowest growth rate in nearly three years, while personal consumption expenditures rose by 1.8% [3] Trade Relations and Economic Indicators - The U.S. and Ukraine reached agreements on resource development, which initially boosted market sentiment, but subsequent trade negotiations with Japan and China faced setbacks, reigniting concerns over trade tensions [2] - The U.S. labor market showed mixed signals, with April non-farm payrolls increasing by 177,000, surpassing expectations, but previous months' data were significantly revised downward [3] Currency Movements - Asian currencies appreciated during the May Day holiday, with the New Taiwan Dollar reaching a 22-month high, and the Hong Kong dollar rebounding within its trading range [4] - The Hong Kong Monetary Authority intervened in the market, indicating a significant capital flow [4] Investment Opportunities - The BoShi Gold ETF and its linked funds provide investors with exposure to gold prices through investments in Shanghai Gold Exchange contracts, enhancing investment options for gold [4]