黄金早参 | 美释放宽松政策信号叠加地缘政策加剧，金价震荡走强

Core Viewpoint - Gold prices experienced fluctuations but ultimately rose due to signals of easing fiscal and monetary policies from the U.S., alongside increased demand for safe-haven assets driven by geopolitical risks [1] Group 1: Market Performance - As of the close, COMEX gold futures increased by 0.57% to $4487.90 per ounce [1] - The China Gold ETF (518850) decreased by 0.1%, while the Gold Stock ETF (159562) fell by 0.39%, and the Nonferrous Metals ETF (516650) dropped by 1.72% [1] Group 2: U.S. Economic Policy - U.S. Treasury Secretary Yellen expressed a desire to lower interest rates, stating that rates are a key driver of future economic growth [1] - Federal Reserve Governor Milan projected a potential interest rate cut of approximately 150 basis points in 2026, which could create around one million jobs without triggering inflation [1] Group 3: Geopolitical Impact - The escalation of U.S.-Iran conflict has significantly enhanced the safe-haven attributes of gold and silver [1] - Despite a pre-holiday decline due to margin adjustments, gold and silver prices rebounded quickly afterward, indicating a strong reaction to geopolitical tensions [1] - The current conflict has led to an inverted yield curve in U.S. Treasury bonds and ongoing expectations for Fed rate cuts, further weakening the dollar's credibility and prompting central banks to increase gold holdings [1]