兴业期货：芝商所再上调保证金 黄金多头逻辑未变

Macro News - The main gold futures in Shanghai reported at 984.84 CNY per gram, with a decline of 3.11%. The opening price was 1004.72 CNY per gram, with a high of 1007.12 CNY and a low of 970.02 CNY [1] - The U.S. President Trump criticized Federal Reserve Chairman Powell and the Fed's building renovation, indicating potential legal action against Powell for incompetence [1] - The U.S. has intensified its blockade on Venezuelan oil tankers, with non-sanctioned vessels also facing seizures. Trump mentioned the possibility of declaring war on Venezuela, indicating an escalation in pressure on the country [1] - The U.S. is advancing peace talks between Russia and Ukraine, stating that progress towards a peace agreement is very close [1] Institutional Views - After the CME Group's second increase in precious metals margin rates, precious metals experienced a significant pullback, leading to a notable decrease in market speculation [1] - Despite geopolitical disturbances, the U.S.-China interest rate cut cycle, and de-dollarization, the bullish logic for gold remains unchanged. The outlook for gold remains positive [1] - The strategy for holding long positions in the Shanghai gold February contract is maintained [1]