博时基金王祥：国际黄金先抑后扬，关注降息预期

Group 1 - The core viewpoint of the articles indicates that the gold market experienced fluctuations due to the Federal Reserve's personnel changes and disappointing non-farm employment data, which raised expectations for future monetary easing [1][3] - The U.S. non-farm employment data for July showed an increase of 73,000 jobs, significantly below the market expectation of 110,000, with revisions to previous months indicating a total downward adjustment of 258,000 jobs [3] - The World Gold Council reported a 3% year-on-year increase in global gold demand in Q2 2025, reaching 1,249 tons, with a substantial 45% increase in value to $132 billion, driven primarily by strong investment demand [4] Group 2 - The Federal Reserve's recent meeting showed a division among board members regarding interest rate decisions, with two members voting against the rate decision for the first time since 1993, indicating increasing political influence on monetary policy [2] - The resignation of Federal Reserve Governor Kugler on August 1 further fueled market speculation about potential personnel changes at the Fed, which could impact future monetary policy [4] - The overall uncertainty in the market is expected to shift from tariff negotiations to expectations of a rate cut cycle, which may become a significant factor influencing gold prices in the near future [3]