行业点评：节后金价能否持续走强

Investment Rating - The report upgrades the investment rating to "Positive" for the gold industry [6] Core Insights - The recent surge in gold prices is attributed to two main factors: increased uncertainty from U.S. tariff policies and heightened geopolitical risks, particularly regarding potential military actions in the Middle East [7][8] - The gold price reached $5,132 per ounce as of February 24, with a peak of $5,250 per ounce, marking a 2.74% increase compared to pre-Spring Festival levels [4] - The report anticipates that gold prices will maintain a strong upward trend in the short term, despite potential limitations on further price increases due to various economic factors [8][9] Summary by Sections U.S. Tariff Policy - The U.S. Supreme Court ruled against the Trump administration's large-scale tariffs, leading to a temporary halt in related import duties. However, the administration quickly introduced alternative tariffs, indicating a continued focus on trade policy as a tool for geopolitical strategy [3][5] - The political landscape in the U.S. is influencing tariff decisions, with Trump's approval ratings declining to around 40%, suggesting increased domestic pressure as the 2026 midterm elections approach [3] Gold Price Dynamics - The gold market is experiencing strong demand driven by fears surrounding global trade and geopolitical tensions, particularly in the Middle East, which are expected to sustain bullish sentiment [7][8] - The report notes that while gold prices are likely to remain strong, there are factors that may limit significant upward movement, including the Federal Reserve's monetary policy and potential easing of U.S.-China relations [9]