银河期货：关税阴霾未散 贵金属高位震荡

Group 1 - The main focus is on the recent fluctuations in gold futures, with the Shanghai gold futures reporting a price of 776.50 yuan per gram, reflecting a decline of 0.98% [1] - The opening price for the day was 774.88 yuan per gram, with a recorded high of 779.24 yuan and a low of 774.32 yuan [1] Group 2 - Recent macroeconomic developments include President Trump's announcement of potential tariffs ranging from 15% to 50% on various countries, alongside ongoing negotiations with the EU for lower tariffs [2] - Concerns regarding the independence of the Federal Reserve have been raised, with 36 out of 50 economists expressing worries about its autonomy [2] - The U.S. Treasury Secretary has indicated a non-urgent approach to the nomination of a new Federal Reserve Chair, with Trump stating he will not dismiss Powell [2] Group 3 - The market's risk appetite has improved due to accelerating negotiations on reciprocal tariffs, with recent employment and services PMI data showing resilience in the U.S. economy [3] - Despite short-term market volatility, the uncertainty surrounding tariffs and economic policies is expected to lead to inflationary pressures and economic slowdown, maintaining a high level of fluctuation in precious metals [3] - Key focus areas include the progress of tariff negotiations and the upcoming Federal Reserve meeting at the end of the month [3]