光大期货0226黄金点评：年后流动性向好，黄金维持高位震荡格局

Core Insights - Nvidia reported record revenue of $68.1 billion for Q4 of fiscal year 2026, a year-on-year increase of approximately 70% [3][6] - The core data center business, contributing over 90% of revenue, also achieved a new quarterly revenue high [3][6] - Adjusted earnings per share (EPS) grew by over 80% year-on-year, with gross margin rising to 75.2%, the highest in a year and a half [3][6] Market Reactions - Nvidia's strong financial performance alleviated market concerns regarding AI profitability, leading to a rebound in tech stocks [3][6] - Market liquidity sentiment improved, resulting in a slight weakening of the US dollar, which supported gold prices [3][6] Geopolitical Context - Upcoming third round of US-Iran negotiations is a focal point, with expectations for a commitment to "never nuclear" from Trump [3][6] - The Vice President expressed hope for the negotiations but did not rule out military action, influencing market perceptions [3][6] - Gold is expected to experience high volatility around $5,000 per ounce, with attention on the progress of US-Iran talks [3][6]