美联储降息预期升温，金价持续高位震荡

Group 1 - After entering August, both domestic and international gold prices have rebounded, with New York gold reaching a high of $3470.3 per ounce on August 7, recovering losses from late July [1] - The Shanghai gold futures contract closed at 785.02 yuan per gram on August 7, marking an increase of nearly 2% since the end of July [1] - The recent rebound in gold prices is attributed to disappointing U.S. non-farm employment data for July, which has raised expectations for a rate cut by the Federal Reserve in September [1][2] Group 2 - The U.S. services PMI for July fell to 50.1, below expectations, while the prices index rose to 69.9, indicating inflationary pressures [2] - The probability of a Federal Reserve rate cut in September has increased to 90%, which is expected to support gold prices [2] - The People's Bank of China has been increasing its gold reserves for nine consecutive months, with reserves reaching 73.96 million ounces by the end of July, an increase of 60,000 ounces [2] Group 3 - Since May, the international trade friction has eased, leading to a slight adjustment in international gold prices, although they remain high [3] - The ongoing geopolitical and economic changes have reduced the necessity for China to pause its gold purchases, while the demand for optimizing international reserve structures has increased [3] - The expectation of further rate cuts and uncertainties in the U.S. fiscal situation and geopolitical landscape are likely to support gold prices in the medium term [3]