华安基金：关税风波再起，美国通胀基本稳定

Group 1 - Gold prices continued to rise, reaching a new historical high, with London spot gold closing at $3,759 per ounce (up 2.0% week-on-week) and domestic AU9999 gold at 853 yuan per gram (up 3.3% week-on-week) [1] - The U.S. announced a new round of high tariffs on various imported products, including a 100% tariff on pharmaceutical products, 50% on kitchen cabinets, 30% on imported furniture, and 25% on heavy trucks, indicating ongoing trade protectionism [1] - U.S. inflation remains stable, with August core PCE at 2.9% year-on-year, aligning with expectations, which may support the Federal Reserve's continued interest rate cuts [1] Group 2 - The resumption of interest rate cuts by the Federal Reserve in September may enhance the investment value of gold, alongside uncertainties from tariffs, U.S. debt credit risks, and concerns over the Fed's independence, contributing to a downward trend for the dollar [1] - Central bank gold purchases are expected to continue, indicating that gold is on a path towards a new cycle of investment [1] Group 3 - Key signals to watch for the upcoming week regarding gold ETFs include the U.S. employment data for September [2]