光大新鸿基基金研究报告

Report Industry Investment Rating - Not provided Core Viewpoints - Gold and silver prices rebounded after a high - level adjustment. Trump's challenge to the Supreme Court's decision on global tariff policies attracted safe - haven funds into the spot gold market, and silver prices also rose with gold [1]. - Gold prices soared in early 2026 due to geopolitical tensions but then sharply corrected. The market's interpretation of Fed Chair nominee Kevin Warsh as a hawkish candidate intensified the decline, with spot gold dropping 27.2% from near $5,600 per ounce to $4,402 per ounce [1]. - As the market's concerns about Warsh's hawkish stance cooled, gold prices stabilized. There are three important support levels at $4,842, $4,655, and $4,404 per ounce. If the price falls below $4,404 per ounce, the rebound will end [2]. - The recent rise of about 1.1% in international gold prices last week attracted investors' attention. It is recommended that investors enter the market in batches and pay attention to the support levels. The technical indicators also show a strengthening trend [2]. - Geopolitical tensions, such as the situation between the US and Iran, support gold prices. Gold and silver prices will be affected by multiple factors in the future. Investors bullish on gold prices are advised to focus on the Franklin Gold and Precious Metals Fund [3]. Summary by Related Content Gold and Silver Price Movements - Gold and silver prices adjusted at high levels and then rebounded. Geopolitical tensions in early 2026 led to a sharp rise in gold prices, followed by a rapid correction. The hawkish stance of the Fed Chair nominee further intensified the decline [1]. - After the market's concerns about the nominee's hawkish stance cooled, gold prices stabilized. There are three support levels, and if the price falls below $4,404 per ounce, the rebound will end [2]. - International gold prices rose about 1.1% last week, attracting investors' attention. Technical indicators show a strengthening trend [2] Factors Affecting Gold Prices - Trump's challenge to the Supreme Court's decision on global tariff policies attracted safe - haven funds into the gold market [1]. - Geopolitical tensions, especially the US - Iran situation, support gold prices. Future gold and silver prices will be affected by US interest - rate cut policies, international trade variables, and geopolitical factors [3] Investment Recommendation - Investors bullish on gold prices are recommended to focus on the Franklin Gold and Precious Metals Fund [3]. - The fund uses an active, research - led investment strategy, investing in global companies engaged in gold and other precious metals. It mainly invests in leading gold miners, not physical gold, and may benefit from the "leverage effect" [3]. - As of the end of January 2026, the top three industries in the fund's portfolio are long - life gold mines (55.51%), gold exploration and development (18.69%), and diversified finance and mining (8.07%). Global industry distribution can effectively disperse risks [3]