黄金周报｜6月FOMC分歧加大，金价高位震荡

Group 1: Market Dynamics - As of last Friday (July 11), London spot gold closed at $3354.75 per ounce, with a weekly increase of $17.81 per ounce, representing a rise of 0.53% [1] - The Federal Reserve's June FOMC meeting minutes revealed significant disagreement among policymakers regarding the pace of interest rate cuts, with 6 members holding a neutral stance and 2 adopting a hawkish position [3] - President Trump criticized the Federal Reserve's current interest rate policy, claiming it is at least 3 percentage points too high, resulting in an annual refinancing cost of $360 billion for the U.S. [4] Group 2: Economic Indicators - The number of initial jobless claims in the U.S. for the week ending July 5 was reported at 227,000, slightly below the expected 235,000 [2] - U.S. consumer credit for May showed a change of $51.02 billion, significantly lower than the expected $105 billion [2] - Wholesale inventories in the U.S. for May remained unchanged at -0.3%, matching expectations [2] Group 3: Gold Market Outlook - Short-term market sentiment on gold prices is increasingly divided, with ongoing uncertainties regarding U.S. tariffs, the Israel-Palestine conflict, and Federal Reserve monetary policy [8] - The long-term outlook for gold remains positive due to the initiation of a Fed rate cut cycle, increasing macroeconomic uncertainties, and a global trend towards de-dollarization [8] - China's central bank continues to increase its gold reserves, reaching 73.9 million ounces by the end of June, marking the eighth consecutive month of accumulation [9]