中美经贸高层会谈后，黄金价格已出现显著回落，未来走势仍不明朗

Core Viewpoint - The recent high-level trade talks between China and the U.S. have led to significant progress, resulting in a notable decline in gold prices, which reflects reduced market concerns over trade tensions [2] Group 1: Trade Developments - The U.S. and China announced the cancellation or suspension of most tariffs, including the removal of 91% of tariffs and the suspension of 24% of "reciprocal tariffs," alleviating fears of escalating trade friction [2] - The easing of trade tensions has diminished the appeal of gold as a safe-haven asset, contributing to a drop in international spot gold prices to around $3,215 per ounce, with a single-day decline exceeding 3% [2] Group 2: Market Reactions - Domestic gold jewelry prices also fell, with brands like Chow Tai Fook and Lao Feng Xiang seeing a decrease of 16-20 yuan per gram, bringing prices back to the "90s" [2] - The market's expectations for delayed interest rate cuts by the Federal Reserve and a rising U.S. dollar index have further pressured gold prices [2] Group 3: Geopolitical Factors - Additional factors such as the ceasefire in the Middle East and the de-escalation of the India-Pakistan conflict have further reduced safe-haven demand, intensifying gold sell-offs [2] - Despite the easing of U.S.-China trade tensions, uncertainties remain, including potential new frictions related to U.S. manufacturing repatriation strategies and ongoing geopolitical risks like the Russia-Ukraine situation [2] Group 4: Long-term Outlook - The ongoing U.S. debt ceiling issue poses challenges to the credibility of the dollar, while a global trend of "de-dollarization" is leading to strong central bank demand for gold [2] - In the first quarter of 2025, global official gold reserves increased by 244 tons, providing long-term support for gold prices [2] - If inflation rises or the Federal Reserve resumes rate cuts due to economic pressures, gold's anti-inflation properties may become more prominent [3]