光大期货0203黄金点评：金价跌幅收窄，关注地缘事件进展

Core Viewpoint - The article discusses the recent fluctuations in gold prices and the impact of economic indicators, particularly the ISM manufacturing index, on market sentiment and gold's future trajectory [2][6]. Economic Indicators - The ISM manufacturing index for January rose to 52.6, significantly exceeding expectations of 48.5, marking the highest level since February 2022. This increase was driven by robust growth in new orders and production, alleviating market concerns about the economy [2][6]. - The delay in key economic data due to the government shutdown has led to uncertainty in the market, with the December JOLTS job openings report and the non-farm payroll report being postponed [2][6]. Gold Market Analysis - COMEX gold prices closed at $4680.9 per ounce, down 1.35%, while SHFE gold prices ended at 1045.0 yuan per gram, down 3.86% [2][6]. - The article suggests that in the absence of significant economic data, gold prices may continue to undergo technical adjustments in the short term [2][6]. Geopolitical Factors - A breakthrough in trade relations between the U.S. and India has been announced, with President Trump stating that both countries will take immediate action to lower tariffs [7]. - Despite this progress, the complex situation between the U.S. and Iran remains, and core variables supporting precious metals, such as the restructuring of the dollar credit system and the trend of de-dollarization, have not reversed. The long-term driving logic for gold remains intact [7].