贵金属日报-2025-03-28

Report Investment Rating - Gold: Not clearly rated [1] - Silver: ★★★, representing a clearer long trend with relatively appropriate investment opportunities currently [1] Core View - Despite better-than-expected US Q4 GDP final value and weekly initial jobless claims data, precious metals rose and gold prices hit a new high, continuing the previous trading logic. The uncertainty of the economic outlook under the background of the trade war led the market to increase the allocation of gold. Precious metals are in a game around factors such as the US economic outlook, Trump's tariff policy, and the progress of Russia-Ukraine negotiations. Currently, the gold price is in a state of trend continuation but with a risk of correction due to the rapid upward movement. Those with empty positions should stay on the sidelines and focus on the impact of tonight's US PCE data on the prospects of interest rate cuts [1] Other Key Points - The US initial jobless claims for the week ending January 11 were 224,000, lower than the expected 225,000. The annualized quarterly rate of real GDP in the fourth quarter was revised up to 2.4%, and the annualized quarterly rate of the core PCE price index in the fourth quarter was revised down to 2.6% [1] - The EU Commission spokesperson said that the EU is preparing a response to the new US import tariffs but has not determined the time. The EU's response will be timely, strong, and precise, and it plans to target US service exports, including large technology companies [2] - The Canadian Prime Minister said that Canada will respond to US tariffs next week. The Premier of Ontario, Canada, said that the US will give full or partial tariff exemptions for Canadian cars [2]