金荣中国：现货黄金小幅高开高点后回落震荡

Fundamental Analysis - Gold prices experienced a significant increase, rising 2.23% on August 1, reaching a one-week high of $3363.37 per ounce, primarily driven by weaker-than-expected U.S. non-farm employment data and heightened demand for safe-haven assets due to new tariff policies from the Trump administration [1][3] - The U.S. dollar index fell by 1.39% to 98.68 on August 1, marking the largest single-day drop since April, which reduced the opportunity cost of holding gold and further supported its price increase [1][3] - The U.S. labor market showed signs of deterioration, with only 73,000 non-farm jobs added in July, significantly below the expected 110,000, and the unemployment rate rose from 4.1% to 4.2% [3][4] - Market expectations for a Federal Reserve rate cut in September surged from 38% to 90% following the disappointing employment report, with projections indicating two rate cuts by the end of the year [3][4] Political and Economic Context - President Trump imposed high tariffs on products from Canada, Brazil, and India, with rates reaching up to 50%, which led to a global stock market decline and increased market volatility [4][5] - The political fallout from the employment data included Trump's dismissal of a labor department official, raising concerns about the integrity of U.S. economic statistics [4][5] - The resignation of Federal Reserve Governor Kugler added to the uncertainty, as it opened a potential opportunity for Trump to reshape the Fed's leadership [5][6] Market Reactions - The S&P 500 index fell by 1.6%, marking its largest drop in two months, while the yield curve inverted, indicating investor skepticism about traditional economic indicators [5][6] - The combination of weak employment data and political instability has led to increased demand for gold as a safe-haven asset, providing new buying support in the market [6]