黄金周报｜美国非农数据不及预期，金价回暖

Group 1: Market Overview - As of last Friday (August 1), London spot gold closed at $3362.64 per ounce, with a weekly increase of $26.42 per ounce, representing a 0.79% rise [1] - The gold price fluctuated last week, reaching a high of $3362.64 per ounce and a low of $3275.05 per ounce [1] - The market is currently experiencing expectations of a rate cut in September due to disappointing non-farm payroll data, which has led to a decline in the dollar and U.S. stocks, subsequently boosting gold prices [1][5] Group 2: Economic Data - The U.S. non-farm payroll data for July showed an increase of 73,000 jobs, falling short of the expected 104,000, with significant downward revisions for May and June, totaling a reduction of 258,000 jobs [2] - The labor force participation rate in July was 62.2%, below expectations and previous values, while the unemployment rate was 4.2%, meeting expectations but higher than the previous figure [2] - The U.S. second-quarter GDP grew at an annualized rate of 3%, exceeding expectations of 2.6% and the previous value of 0.5% [3] Group 3: Federal Reserve Actions - The Federal Reserve maintained the benchmark interest rate at 4.25%-4.5% during the July FOMC meeting, with a hawkish tone from Chairman Powell emphasizing the need for more data before making decisions on rate cuts [4] - The Fed's statement acknowledged economic uncertainty and risks, particularly in the labor market, while maintaining a focus on price stability and maximum employment [4] Group 4: Long-term Trends - The trend of "de-dollarization" globally is expected to support gold prices, as central banks, including China's, continue to increase their gold reserves [7] - China's central bank reported a gold reserve of 73.9 million ounces as of the end of June, marking an increase of 70,000 ounces, continuing a trend of accumulation for eight consecutive months [7] - The potential impact of the U.S. government's legalization of stablecoins may influence the dollar's credibility and subsequently affect gold prices, depending on the development of credit risks associated with stablecoins [6][7]