机构看金市：7月25日

Core Viewpoints - Recent developments in trade agreements are reducing global economic uncertainty, leading to a decrease in market risk aversion, which may result in short-term fluctuations in precious metals [1] - The Federal Reserve's monetary policy is increasingly influenced by political pressures, particularly from the Trump administration, which may lead to unexpected rate cuts and support for precious metals, especially silver [2] - Gold has outperformed the S&P 500 over the past 20 years, driven by geopolitical tensions and central bank purchases, indicating a shift in investment strategies towards gold as a reliable asset [3] Group 1: Market Sentiment and Economic Factors - The sentiment in the precious metals market is currently influenced by the progress of trade agreements and the Federal Reserve's policy independence, with expectations of continued fluctuations in gold prices [1][2] - The historical performance of gold and silver indicates that gold prices are primarily driven by U.S. fiscal deficits and global risk events, while silver prices are more sensitive to expectations of Federal Reserve easing [2] Group 2: Central Bank Actions and Investment Trends - Central banks are increasingly adding gold to their reserves as a diversification strategy away from dollar-denominated assets, which supports the long-term upward trend in gold prices [3][4] - The demand for gold remains strong despite stock market rebounds, driven by concerns over government debt levels and a weaker dollar, which enhances the appeal of gold as an alternative currency asset [4]