黄金早参丨避险情绪持续蔓延，金价短暂回调后再度走高，大涨3.82%

Core Viewpoint - The uncertainty in trade relations has increased demand for safe-haven assets, leading to a rise in gold prices, which reached a new historical high of $4,381.29 per ounce before closing at $4,374.30 per ounce, a 3.82% increase [1] Group 1: Market Reactions - After a brief pullback, gold prices surged again, reflecting heightened market risk aversion due to trade tensions [1] - The gold ETF, Huaxia, fell by 3.12%, while gold stock ETFs dropped by 4.45%, indicating a mixed response in related investment vehicles [1] Group 2: Trade Tensions - Trump has pressured India regarding its purchase of Russian oil, threatening to impose "huge tariffs" on Indian goods, which escalates trade tensions between the two countries [1] - Ongoing trade negotiations between the U.S. and India aim to reach a trade agreement and reduce punitive tariffs [1] Group 3: Economic Uncertainty - The U.S. government shutdown has delayed economic data releases, amplifying economic uncertainty and reinforcing safe-haven sentiment [1] - Jeffrey Christian from CPM Group highlighted that political and economic concerns were the main drivers behind the rapid rebound in gold prices following a significant drop [1]