博时基金王祥：上周国际黄金震荡走升，关注美国7月CPI数据

Group 1 - The gold market experienced upward movement last week due to disappointing U.S. employment data and the nomination of Stephen Milan as a temporary Federal Reserve governor, leading to shifted expectations for interest rate cuts by the Fed [1][2] - The international gold market saw fluctuations, with the U.S. ISM non-manufacturing PMI for July dropping to 50.1, below expectations of 51.5, indicating weakening demand and new orders, while price components increased, suggesting a stagflationary structure [1][3] - A ruling from U.S. Customs and Border Protection indicated that gold bars imported from Switzerland would be subject to reciprocal tariffs, causing significant market volatility, although the White House later clarified that gold would not incur additional tariffs, narrowing the price gap between New York and London gold [1][3] Group 2 - The appointment of Stephen Milan as a temporary Federal Reserve governor by President Trump is expected to influence the dovish stance of current committee members, maintaining expanded market expectations for interest rate cuts [2] - Upcoming U.S. July CPI data is anticipated to be a decisive factor for the Fed's interest rate decisions in September [3] - The BoShi Gold ETF and its linked funds provide investors with a way to invest in gold through Shanghai Gold Exchange contracts, starting from a minimum investment of 1 yuan [4]