贸易摩擦降温，避险情绪回落，金价波动明显

Group 1 - The core viewpoint of the articles indicates that the gold market is experiencing a notable adjustment due to a decrease in risk aversion stemming from improved US-China trade relations, leading to a shift of funds from safe-haven assets to risk assets [1][3] - The recent week saw a significant outflow from gold ETFs, exceeding 4 billion yuan, as investors reacted to the easing of trade tensions, which has resulted in a short-term increase in the adjustment magnitude of precious metals [1] - The gold market currently lacks the foundation for a new upward momentum, with high short-term volatility and a rational adjustment process observed in the precious metals market, as indicated by the stable gold-silver ratio around 100 [2] Group 2 - The US-China trade negotiations have progressed beyond expectations, with the US agreeing to significantly reduce tariffs on Chinese goods, which has contributed to a more favorable market environment [3] - The Federal Reserve is considering revising its monetary policy framework in response to changing inflation and interest rate prospects, indicating potential challenges for the economy and central bank [3] - Moody's has downgraded the US sovereign credit rating from Aaa to Aa1, citing persistent budget deficits as a concern, which may impact investor sentiment and market dynamics [3] Group 3 - The gold ETF (159937) allows investors to gain exposure to gold without the costs associated with physical storage and authentication, enhancing capital efficiency through a T+0 trading mechanism [4]