黄金早参|地缘动荡频发，避险需求升温，金价重新站上4500美元

Core Viewpoint - The recent geopolitical tensions and dovish comments from the Federal Reserve have positively influenced the gold market, leading to a significant increase in gold prices and related ETFs [1] Market Performance - COMEX gold futures rose by 4.36% to close at $4,518.4 per ounce during the week of January 5-9 [1] - The China Gold ETF increased by 3.01%, while gold stock ETFs surged by 6.77%, and base metal ETFs rose by 8.93% during the same period [1] Economic Data - The U.S. labor market showed mixed signals, with weaker non-farm payrolls and ADP employment data, but an improvement in the unemployment rate, which overall diminishes the conditions for interest rate cuts [1] - Manufacturing PMI and new housing starts fell short of expectations, heightening concerns about the economic fundamentals, which provided short-term support for precious metals [1] Geopolitical Factors - Ongoing geopolitical tensions, particularly the U.S. military actions in Venezuela, have heightened market volatility and increased risk aversion among investors [1] - Reports indicate that President Trump has been briefed on military strike options against Iran, further escalating geopolitical concerns [1] Investment Trends - The rising geopolitical instability has prompted investors to diversify their asset reserves, increasing the demand for gold as a safe-haven asset [1] - The persistent demand for gold is driven by its status as a secure investment amid growing debt levels in developed economies [1]