美国非农数据不及预期，金价回暖

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 highest gold price reached $3362.64 per ounce, while the lowest dipped to $3275.05 per ounce during the week [1] - The market is currently experiencing fluctuations in gold prices, with potential benefits if a rate cut is initiated [1] Economic Data - The U.S. non-farm payroll data for July was below expectations, with an increase of 73,000 jobs compared to the anticipated 104,000 [2] - Significant downward revisions were made to the May and June data, totaling a reduction of 258,000 jobs [2] - The labor force participation rate in July was 62.2%, lower than expected, while the unemployment rate was 4.2%, in line with expectations but higher than the previous value [2] Federal Reserve Actions - The Federal Reserve maintained the interest rate at 4.25%-4.5% during the July FOMC meeting, with a hawkish tone from Chairman Powell [4] - The Fed's statement acknowledged economic uncertainty and the need to monitor inflation risks, while not providing a clear response regarding a potential rate cut in September [4] Long-term Trends - The trend of "de-dollarization" globally is expected to support gold prices, as central banks continue to increase their gold reserves [7] - China's central bank reported an increase in gold reserves to 73.9 million ounces, marking the eighth consecutive month of gold accumulation [7] - The potential impact of the U.S. government's legalization of stablecoins may influence the demand for gold as a hedge against currency depreciation [6]