中美正式实施新的关税税率，金价延续走低，中长期仍有回升空间丨黄金早参

Group 1 - The new tariff rates between China and the U.S. have been implemented, leading to a recovery in market risk appetite and a decrease in safe-haven sentiment, which has driven gold prices to adjust downward, with COMEX gold futures falling to a one-month low of $3180.70 per ounce, down 2.07% [1] - The gold ETF Huaxia (518850) has decreased by 0.73%, with a maximum drawdown of over 8% in the last seven trading days, while the gold stock ETF (159562) has dropped by 0.4% [1] - Starting from May 15, 2025, the management fee for the gold stock ETF (159562) will be reduced from 0.50% to 0.15%, and the custody fee will be lowered from 0.10% to 0.05%, making it the lowest fee level in the market, which will help investors to lower their costs in gold stock investments [1] Group 2 - Short-term gold prices are expected to continue a volatile adjustment pattern due to sustained market risk appetite and potential resistance and support levels during the price decline, leading to market fluctuations [2] - In the medium to long term, gold prices are anticipated to have room for recovery as the benefits of trade easing are gradually digested, highlighting gold's safe-haven and anti-inflation properties [2] - Despite a potential slowdown in the Federal Reserve's rate cuts, major global central banks remain in a loose monetary cycle, which will lower real interest rates and enhance the holding value of gold, supported by central banks' continued accumulation of gold to optimize foreign exchange reserves [2]