DLSM：非农爆冷+关税风暴，黄金强势突破：这轮涨势能走多远？

Group 1 - The core viewpoint of the articles highlights the recent surge in gold prices driven by macroeconomic factors, including disappointing U.S. non-farm payroll data and renewed trade tensions, which have shifted market sentiment towards safe-haven assets like gold [1][3][4]. Group 2 - The U.S. non-farm payroll data for July showed an increase of only 73,000 jobs, significantly below the expected 180,000, leading to heightened expectations for Federal Reserve interest rate cuts [3]. - The CME FedWatch Tool indicates that investors anticipate the Federal Reserve will begin cutting rates in September, with two potential 25 basis point cuts by the end of the year, which typically benefits gold as a non-yielding asset [3]. - Recent U.S. trade policy changes, including new tariffs on exports to Canada, India, and Brazil, have further fueled risk aversion among investors, prompting a shift towards defensive assets like gold [4]. - Other precious metals also experienced gains, with silver rising 0.4% to $36.88 per ounce, platinum up 1.2% to $1,304.91, and palladium increasing 1.4% to $1,208.05, indicating a broader recovery in the precious metals market [4]. - Despite rising rate cut expectations, the Federal Reserve has not provided clear guidance on future policy, with Chairman Powell stating that no decisions have been made regarding the September meeting, emphasizing that economic data will remain a key factor in policy adjustments [4][5].