黄金时间·一周金市回顾：金价震荡徘徊、白银铂金飙升 贵金属牛市轮动行情再现？

Core Viewpoint - The international spot gold price experienced fluctuations, rising by $22.16 or 0.67% during the week, driven by geopolitical risks and U.S. tariff policies, but faced profit-taking after reaching above $3400 [1][2][3] Group 1: Market Influences - The Trump administration's increase of steel and aluminum tariffs from 25% to 50% heightened trade tensions, contributing to a surge in gold prices [2] - The escalation of the Russia-Ukraine conflict, including drone attacks by Ukraine, further supported gold's appeal as a safe-haven asset [2] - Poor U.S. economic data, including a fourth consecutive month of contraction in manufacturing activity, pressured the dollar index and boosted gold prices [2][3] Group 2: Employment Data and Market Reactions - The U.S. non-farm payroll data for May showed an increase of 139,000 jobs, surpassing expectations, which dampened immediate rate cut prospects from the Federal Reserve and negatively impacted gold prices [3] - China's central bank increased its gold reserves by 60,000 ounces in May, marking the seventh consecutive month of gold accumulation [3] Group 3: Precious Metals Performance - Silver and platinum exhibited strong performance, with silver rising approximately 9% to over $36 per ounce, and platinum increasing by 11% to $1170 per ounce, indicating potential for a new bull market in precious metals [3] Group 4: ETF Holdings and Market Sentiment - Despite a net outflow of $1.8 billion from global gold ETFs in May, indicating a decrease in holdings, there are signs of renewed interest in gold as reflected in increased open interest in gold futures [4][5] - The largest gold ETF, SPDR GOLD TRUST, saw an increase in holdings by 4.01 tons, bringing total holdings to 934.21 tons [5] Group 5: Technical Analysis and Future Outlook - Gold prices faced resistance around $3400, with key support levels identified at $3300-3290 and $3260-3230 [5] - The World Gold Council noted that the current neutral monetary policy stance of the Federal Reserve may pose headwinds for gold in the summer, but gold remains a resilient asset in a stagflation environment [6]