华安基金：中国央行延续购金，本周将迎美国通胀与就业数据

Group 1 - Gold prices continued to fluctuate, with London spot gold closing at $4,967 per ounce (up 1.8% week-on-week) and domestic AU9999 gold at 1,094 yuan per gram (down 6.9% week-on-week) [1] - Japan's fiscal expansion trend is expected to continue, potentially exacerbating its debt burden, as the ruling coalition led by Prime Minister Fumio Kishida secured a significant majority in the recent House of Representatives election, allowing for more aggressive fiscal policies [1] - The market is gradually digesting the expectations of a "hawkish" stance from the newly nominated Federal Reserve Chairman Kevin Warsh, while recognizing the potential for a "dovish" outcome in the long term due to political and fiscal pressures [1] Group 2 - Upcoming U.S. inflation and employment data are crucial for assessing the Federal Reserve's interest rate cut expectations, with the January non-farm payroll report delayed to February 11 and CPI data to February 13 [2] - The People's Bank of China has increased its gold reserves for the 15th consecutive month, maintaining a steady accumulation pace, with reserves expected to reach 74.19 million ounces by the end of January 2026, reflecting a trend of diversifying foreign exchange reserves amid the weakening dollar credit system [2] - The macro structural factors supporting gold remain intact, including ongoing central bank demand for gold amid de-dollarization, the erosion of the dollar's long-term credibility due to "fiscal dominance" policies, and systemic risks from a fragmented global geopolitical landscape [3] Group 3 - Key signals for gold investment in the coming week include the U.S. January employment data and CPI [4] - Related investment products include gold ETFs and various colored metal ETFs [5]