博时基金王祥：黄金延续震荡表现，国内投资者继续兑现收益

Group 1 - The core viewpoint of the article highlights that the gold market experienced fluctuations, but improved trading sentiment followed Powell's dovish remarks at the central bank meeting, indicating a potential path for interest rate cuts starting in September [1][2] - Powell's comments on the labor market suggest rising risks of job losses and unemployment, which may necessitate a policy adjustment [1][2] - The implied probability of a rate cut in September increased significantly from 72% to 94% following Powell's statements [2] Group 2 - The recent marginal liquidity improvement due to changes in monetary policy is a key factor supporting gold prices, with a better fundamental environment compared to the second quarter [2] - The U.S. and EU announced a trade framework agreement, reducing tariffs on most EU goods to no more than 15%, with specific reductions on automotive tariffs contingent on EU legislative actions [2] - The U.S. is set to receive an additional $600 billion investment from Europe in strategic industries by 2028, along with commitments to purchase $750 billion in U.S. energy products and at least $40 billion in U.S. AI chips [2] Group 3 - Initial jobless claims in the U.S. rose by 11,000 to 235,000, marking the largest increase in three months, indicating potential acceleration in layoffs and further weakening of the labor market [3] - The BoShi Gold ETF and its linked funds allow investors to track the performance of gold prices in RMB through investments in Shanghai Gold Exchange spot contracts [3]