Core Viewpoint - The recent fluctuations in precious metal prices are influenced by market sentiment driven by tariff policies, with gold and silver showing mixed performance amid ongoing uncertainties [1][2][3]. Group 1: Market Analysis - Precious metal prices have shown slight divergence, with gold experiencing repeated fluctuations and silver showing a slight upward trend, primarily due to strong commodity prices [1]. - The London gold price has been oscillating between $3100 and $3500 per ounce since late April, with reduced demand for gold as a safe haven due to the cooling international trade situation and U.S. fiscal expansion [2]. - The U.S. dollar's recent decline has supported gold prices, with New York gold surpassing the $3400 mark, indicating strong upward momentum [2]. Group 2: Institutional Insights - Standard Chartered Bank noted that the net long positions in gold have remained around 31%, driven by uncertainties surrounding U.S. tariff policies, which support gold demand [3]. - Kitco Metals highlighted that the recent strong performance of gold was catalyzed by a significant weakening of the U.S. dollar and declining U.S. Treasury yields, creating an ideal environment for gold price increases [4]. - Concerns over rising U.S. debt continue to bolster interest in gold, as it is seen as a hedge against uncertainty in the current market conditions [3][4].
机构看金市：7月22日