黄金长期配置价值不改，资金持续布局，黄金ETF国泰（518800）近20日资金净流入近80亿元

Group 1 - The core view is that gold trading remains focused on safe-haven and stagflation trades, with long-term allocation value unchanged [1] - Recent U.S. macroeconomic data, including resilient employment figures and hawkish comments from Federal Reserve officials, have weakened market expectations for interest rate cuts, pushing the timeline for the first cut from June to July [1] - In the short term, expectations for Federal Reserve rate cuts are fluctuating, leading to a market environment where prices are easier to rise than to fall; however, the long-term trend for gold remains solid [1] Group 2 - The demand for gold as a safe asset is increasing due to challenges to the U.S. dollar credit system amid excessive money supply and fiscal deficit monetization, alongside rising global geopolitical tensions [1] - The trend of "de-dollarization" globally is expected to position gold as a new pricing anchor, providing upward momentum for precious metals [1] - The logic supporting gold prices includes the Federal Reserve's rate cut cycle, increasing overseas uncertainties, and the global trend of de-dollarization [1] - Investors are encouraged to pay attention to investment opportunities in gold ETFs, such as Cathay Gold ETF (518800) and gold stock ETFs (517400) [1]