华安基金：建议以稳健大类资产配置理念参与黄金投资

Group 1 - The core viewpoint of the article highlights that a series of macro events and geopolitical risks during the Spring Festival have driven gold prices upward, with London spot gold rising by 3.64% to $5,226 per ounce during the period from February 14 to February 23, 2026 [1] - Ongoing tensions in the Middle East, with negotiations and military confrontations occurring simultaneously, are contributing to increased geopolitical risks, prompting safe-haven investments in gold [1][2] - The U.S. Supreme Court ruled that the global tariffs imposed by Trump were unconstitutional, which will eliminate certain tariffs but will not affect others based on different legal grounds, potentially impacting U.S. fiscal revenue and inflation [1][2] Group 2 - Trump announced plans to impose an additional 10% import tariff globally for 150 days, which was later increased to 15%, but this measure is limited in duration and scope, making it unlikely to serve as a long-term tariff foundation [2] - The elimination of the reciprocal tariffs may reduce U.S. fiscal revenue and alleviate domestic inflation, which could be beneficial for gold prices [2] - The macro structural factors supporting gold, such as ongoing central bank demand for gold and geopolitical fragmentation, remain intact, highlighting gold's value as a hedge against systemic risks [3] Group 3 - Key signals for gold investment in the upcoming week include developments in the Middle East and the results of the U.S.-Iran negotiations on February 26, as well as changes in U.S. tariffs [4] - Related investment products include gold ETFs and specific fund options that track gold prices [5][6]