央行连续第7个月增持黄金，黄金ETF华夏(518850)高位回调，机构：多重因素导致黄金易涨难跌

Group 1 - The US non-farm payrolls for May exceeded expectations, leading to a stronger dollar and a decline in gold prices [1] - Chinese central bank's gold reserves increased to 73.83 million ounces by the end of May, marking the seventh consecutive month of gold accumulation [1] - The World Gold Council (WGC) maintains a bullish outlook on gold, citing potential price increases due to inflation eroding real yields and economic slowdown impacting equities and cyclical commodities [1] Group 2 - Despite a slowdown in the US economy, non-farm employment and unemployment rates remain stable, indicating that a recession has not yet occurred [2] - The pressure on the dollar is easing, but geopolitical factors and a weak dollar may still lead to a challenging environment for gold prices [2] - The recent slight pullback in gold prices is influenced by tariff uncertainties, but the overall price trend is expected to rise [1][2]