天风证券：三大事件齐发，有望推动金价趋势上行

Core Viewpoint - Three significant events in early August are expected to drive gold prices upward, reinforcing the long-term bullish trend in the gold market [1] Group 1: Economic Data - The U.S. non-farm payrolls added 73,000 jobs in July, falling short of the expected 110,000, with downward revisions of 125,000 and 133,000 for May and June, totaling a revision of 258,000 [1] - The probability of a Federal Reserve interest rate cut in September surged from less than 40% to nearly 90% following these employment data [1] Group 2: Federal Reserve and Political Influence - One of the most hawkish Federal Reserve governors, Kugler, announced his resignation effective August 8, several months before the end of his term [1] - Former President Trump ordered the dismissal of the Labor Statistics Bureau director, alleging manipulation of employment data, raising questions about the credibility of future U.S. economic data and the independence of monetary policy [1] Group 3: Market Outlook - The underlying logic for the sustained bullish trend in gold over recent years is being reinforced, leading to a continued positive outlook for the gold sector [1]