华安基金：中美关系阶段性缓和，降息预期再度升温

Group 1 - The core viewpoint is that gold prices have recently reached historical highs, with London spot gold closing at $4,112 per ounce, reflecting a week-on-week decrease of 3.3%, while domestic AU9999 gold closed at 936 yuan per gram, down 5.9% week-on-week [1] - The easing of tensions in US-China relations has led to a recovery in market risk appetite, as both sides reached a basic consensus on key economic and trade issues during a recent meeting [1] - US inflation data released last week was lower than expected, with CPI rising 0.3% and core CPI rising 0.2%, leading to increased expectations for interest rate cuts by the Federal Reserve [1] Group 2 - The previous warning about the overheating risk in the gold market has been validated, and investors are advised to focus on asset allocation to mitigate risks while considering gold investments [2] - The outlook for the gold market remains positive due to the potential continuation of the Federal Reserve's rate-cutting cycle and global central banks maintaining gold purchases amid declining US debt credit [2] - Key signals to watch for gold ETFs include updates on US-China negotiations and statements from the Federal Reserve regarding interest rates [2]