金荣中国：现货黄金小幅震荡，目前暂交投于4268美元附近

Core Viewpoint - The recent geopolitical tensions, particularly in the Middle East, have significantly influenced the rise in gold prices, with gold experiencing a notable increase of over 64% this year, despite a recent pullback [1][3][4]. Group 1: Geopolitical Factors - The escalation of conflict between Israel and Hamas has been a primary driver for the recent surge in gold prices, with Israel conducting airstrikes in Gaza and accusing Hamas of violating ceasefire agreements [3]. - The death of a key military leader in Yemen has further heightened tensions in the Middle East, contributing to increased market uncertainty and driving demand for gold as a safe-haven asset [4]. - Developments in the Russia-Ukraine conflict, including stalled negotiations, have also added to the geopolitical risks, reinforcing gold's appeal as a hedge against uncertainty [4]. Group 2: Trade Relations and Economic Policies - Recent comments from U.S. President Trump regarding U.S.-China trade relations have led to a temporary decline in gold prices, as his remarks suggested a potential easing of trade tensions [5]. - The Federal Reserve's monetary policy expectations, particularly the likelihood of interest rate cuts, have been a significant factor supporting gold prices, with markets anticipating a 25 basis point cut in the upcoming meeting [5][6]. - The interplay between geopolitical tensions and trade relations is creating a complex environment for gold, with both upward and downward pressures influencing market dynamics [6]. Group 3: Technical Analysis - The current trading range for gold is between $4220 and $4300, with short-term fluctuations expected as the market seeks direction [8]. - Recent price movements indicate a potential struggle for gold to maintain its upward trajectory, with traders advised to monitor key support and resistance levels [8].