机构看金市：8月5日

Core Viewpoint - The precious metals market is experiencing high-level fluctuations due to the interplay between policy expectations and economic data, with a focus on U.S. economic performance and monetary policy changes [2][3][4]. Group 1: Economic Data and Monetary Policy - Analysts suggest that the uncertainty surrounding U.S. tariffs is diminishing, leading to a renewed focus on the Federal Reserve's interest rate cut expectations [3][4]. - Weak U.S. employment data and downward revisions of historical data indicate a cooling labor market, which may prompt the Federal Reserve to consider rate cuts in upcoming meetings [3][5]. - If U.S. economic indicators, such as retail sales and CPI, continue to show weakness, it could further support expectations for a more accommodative monetary policy [4][5]. Group 2: Precious Metals Market Dynamics - The precious metals market is expected to maintain a high-level trading range, with inflation expectations potentially supporting prices if CPI data confirms rising costs [2][4]. - Gold prices are testing key resistance levels, with analysts noting that a breakthrough above $3,370 per ounce could lead to further gains towards $3,440-$3,450 [4]. - Silver prices are anticipated to follow gold's trend, driven by macroeconomic easing expectations rather than supply-demand fundamentals [3].