华安基金：中国央行连续9个月购金，行业关税仍存加剧风险

Group 1 - Gold prices experienced a steady increase last week, with London spot gold closing at $3,399 per ounce (up 1.1% week-on-week) and domestic AU9999 gold at 783 yuan per gram (up 2.1% week-on-week) [1] - The People's Bank of China has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, with a month-on-month increase of 6,000 ounces (approximately 1.86 tons) [1] - The decline in the international credibility of the US dollar, exacerbated by the "exceptionalism" narrative and the US debt credit crisis, has led to a global trend of central banks increasing gold holdings while reducing dollar assets [1] Group 2 - The impact of tariffs on the US economy is becoming evident, prompting the Federal Reserve to consider resuming interest rate cuts; additionally, August will see a peak in US debt issuance, with high interest costs further burdening the US government [2] - The upcoming week will focus on key signals for gold ETFs, including the US-Russia summit on August 15, the results of the 232 investigation into US semiconductor and pharmaceutical tariffs, and US inflation data for July [2]