宝城期货：内外宏观氛围有所回暖 金价呈现震荡运行

Macro News - The UK government has expanded its sanctions list against Russian entities, which now includes Chinese entities. The Chinese Foreign Ministry expressed strong dissatisfaction with this unilateral sanction, emphasizing that normal Sino-Russian cooperation should not be disrupted. China will take necessary measures to protect its legitimate rights and interests [1] - The U.S. Trade Representative, Katherine Tai, stated that the U.S. will continue its investigation into China's compliance with the Phase One trade agreement and may impose tariffs. The Chinese Ministry of Commerce urged the U.S. to view the implementation of the agreement objectively and rationally, and to avoid shifting blame or creating conflicts. China is willing to work with the U.S. to focus on existing economic and trade consensus and explore mutual interests [1] Institutional Views - After the Spring Festival, gold prices have shown a fluctuating trend, with international prices around $5,200 and domestic prices around 1,150 yuan. The macroeconomic environment has improved post-holiday, leading to a rebound in global stock markets, which has put pressure on gold prices. However, geopolitical factors continue to support gold prices [1] - On February 25, the U.S. Treasury announced sanctions against over 30 entities, oil tankers, and individuals to combat what it termed Iran's "illegal oil sales" and its production of ballistic missiles and drones. Technically, attention should be paid to the $5,200 level for London gold, indicating a battle between bulls and bears [1]