黄金高位回落，多头了结意愿强

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week, gold prices rose and then fell with increased volatility. On Wednesday, the Shanghai gold price dropped by over 50 yuan/gram from its intraday high. The decline was due to Trump's statement on reducing China-US tariffs, which decreased the safe-haven demand for gold, and the large price increases since the beginning of the year and in April, leading to stronger profit-taking intentions among long positions [3][24]. - In the medium to long term, the main drivers for gold price increases are the safe-haven and asset allocation demands brought about by deglobalization and de-dollarization, and the upward trend remains unchanged. In the short term, the gold price's rise and fall have broken the strong pattern, with long positions more willing to sell, putting pressure on the gold price. Considering the approaching May Day holiday and the significant fluctuations during the Tomb-Sweeping Festival, the market may be cautious, and the gold price is expected to oscillate weakly before the holiday [3][24]. Group 3: Summary According to the Table of Contents 1. Market Review 1.1 Weekly Trend - No specific content provided other than a reference to the dollar index linkage chart [7] 1.2 Indicator Price Changes - From April 17th to April 25th, COMEX gold decreased by 0.33%, COMEX silver increased by 1.46%, SHFE gold futures decreased by 0.26%, and SHFE silver futures increased by 1.46%. The dollar index rose by 0.16%, and the US dollar against the offshore RMB decreased by 0.18%. The 10-year US Treasury real yield decreased by 0.09, the S&P 500 rose by 4.59%, and US crude oil futures decreased by 1.99%. The COMEX gold-silver ratio decreased by 1.77%, and the SHFE gold-silver ratio decreased by 1.69%. The SPDR gold ETF decreased by 6.02, and the iShare gold ETF increased by 1.91 [8] 2. The US Dollar and US Treasuries Hit Bottom and Rebounded, While Gold Rose and Then Fell - Since April, there has been a significant divergence between the US dollar index and the US Treasury yield, mainly due to the large-scale selling of US Treasuries in the financial market, which was caused by both the liquidity crisis and the pessimistic outlook on the US long-term economy [10]. - Trump's statement on reducing China-US tariffs improved the global macro environment, increased market risk appetite, led to the bottoming and rebound of the US dollar index and US Treasury prices, and caused gold to rise and then fall. The relaxation of US tariff policies also led to a significant rebound in US stocks, reduced market panic, and caused the gold price to fall from its high [10][13] 3. Tracking of Other Indicators - As of April 22nd, compared with the previous week, long positions decreased by 12,811 contracts, short positions increased by 14,021 contracts, and net long positions decreased by 26,832 contracts. This indicator is more sensitive to precious metal price trends than gold ETFs but has a lower update frequency and poor timeliness [15] - In the first quarter, the holdings of major global gold ETFs increased significantly, especially after Trump took office, reflecting the increased safe-haven demand in the context of deglobalization [17] - Since April, the US Treasury yield spread has continued to widen, mainly because the market's pessimistic outlook on the US economy has led to the selling of 10-year US Treasuries, causing the 10-year US Treasury yield to rise continuously, while the 2-year US Treasury yield mainly depends on the Fed's interest rate [20] 4. Conclusion - The conclusion is consistent with the core viewpoints, emphasizing the short-term decline and long-term upward trend of the gold price, as well as the expected weak oscillation before the holiday [24]