贸易风险缓和，金价高位震荡，黄金ETF华夏（518850）回调后仍具上行潜力丨黄金早参

Group 1 - The core viewpoint indicates that trade risks are mixed, with geopolitical and trade risks continuing to support precious metals in the market [1][2] - As of June 6, COMEX gold futures rose by 0.47% to $3331.0 per ounce, while the gold ETF Huaxia (518850) fell by 0.04% on the day but increased by 1.51% weekly [1] - The U.S. economic data showed a mixed picture, with May ADP employment increasing by only 37,000, and the ISM non-manufacturing index dropping to 49.9, indicating a slowdown in economic momentum [1] Group 2 - The U.S. non-farm payrolls for May added 139,000 jobs, exceeding expectations, and the unemployment rate remained at 4.2%, suggesting economic resilience [1] - The Federal Reserve's outlook on interest rate cuts has been adjusted, with expectations for cuts in 2025 reduced from three to two times, influenced by ongoing inflation concerns due to tariffs [1] - The trade tensions escalated with Trump's announcement of a 50% increase in steel and aluminum tariffs, prompting fears of global trade friction, although there were signs of negotiation progress between the U.S. and other countries [2]