华安基金：美国通胀温和上行，关税仍具不确定性

Group 1 - Gold prices remained volatile last week, with London spot gold closing at $3,350 per ounce (down 0.2% week-on-week) and domestic AU9999 gold at 774 yuan per gram (up 0.4% week-on-week) [1] - The US June inflation showed a mild increase, with the core CPI rising to 0.23% month-on-month, slightly below the expected 0.3%. This increase was driven by short-term factors such as rising oil prices due to the Iraq conflict and tariff-driven increases in clothing prices [1] - Current uncertainties regarding tariffs remain high, with Trump indicating potential new tariffs on imported pharmaceuticals and semiconductors before August 1. The market's reaction to these tariff announcements has been muted, viewing them as negotiation leverage [1] Group 2 - Looking ahead, the prospects for tariffs may fluctuate under the US trade protectionism ideology, while central bank gold purchases continue amid US debt and dollar credit crises, indicating that gold is on a new cycle [2] - Key signals to watch for the upcoming week regarding gold ETFs include trade negotiations and tariff situations, as well as the European Central Bank's interest rate decision [3]