黄金期货价格大涨超3%，券商认为“去美元化”叙事仍难以证伪

Group 1 - International precious metals futures saw a general increase, with COMEX gold futures rising by 3.29% to $5247.90 per ounce and COMEX silver futures increasing by 6.87% to $88.00 per ounce [1] - Huafu Securities noted that a series of macroeconomic data releases in the U.S. and resilient employment figures, along with hawkish comments from Federal Reserve officials, have weakened market expectations for interest rate cuts, pushing the anticipated first rate cut from June to July [1] - Despite strong non-farm payroll data, concerns about the underlying fragility of the U.S. economy persist, leading to a belief that the Fed is managing expectations for future policy space [1] Group 2 - Dongwu Securities believes that the narrative of "de-dollarization" remains difficult to disprove, indicating that gold is still in an upward range [2] - Concerns over the U.S. fiscal deficit have been heightened due to falling expectations for tariff revenue, with Q4 GDP growth significantly below market expectations, leading to increased inflationary stagnation expectations [2] - Precious metals, as representatives of anti-inflation assets, are expected to benefit from the rising stagnation expectations [2]