贵属策略：避险需求缓和拖累?价

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The easing of risk aversion demand dragged down the gold price. Yesterday, Japan considered cutting the issuance plan of long - term bonds, and consumer confidence improved more than expected, leading to a decline in precious metals [1]. - The short - term trend of gold depends on the battle for key support levels and signals from the Fed's policies. In the long run, the expansion of the US fiscal deficit and the surge in China's gold imports in April may provide resilience to the gold price, but short - term technical selling pressure and policy risks need to be watched out for [4]. Summary by Related Catalogs Key Information - EU officials have asked major EU companies and CEOs to provide details of their investment plans in the US. After Trump revoked the threat of high - tariff on EU imports, the EU is preparing to advance trade negotiations with Washington [2]. - Chinese Premier Li Qiang said in Kuala Lumpur that economic globalization is experiencing unprecedented major shocks, and it is necessary to deepen mutual trust and expand opening - up [2]. - Japan will consider cutting the issuance of ultra - long - term bonds after the sharp rise in yields to ease market concerns about the deterioration of government finances [2][3]. Price Logic - Gold prices fell yesterday, breaking through the key support of $3,300 in the afternoon. The fundamentals are a mix of long and short factors, and market sentiment is affected by trade progress and economic data differentiation [3]. - US durable goods orders in April declined more than expected, but the March data was revised up to 7.6%, and the consumer confidence index rebounded to 98.0. Trump's plan to conduct trade negotiations with the EU weakened gold's safe - haven appeal. The strengthening of the US dollar offset the potential support of the decline in US Treasury yields on the gold price [3]. Outlook - Next week, focus on the US April PCE data and the first - quarter real GDP data, and continuously monitor changes in trade frictions. The weekly COMEX gold range is [3200, 3450], and the weekly COMEX silver range is [32, 35] [5].