突然！金价，大跳水！

Core Viewpoint - Gold prices experienced a significant drop, influenced by easing geopolitical tensions and progress in tariff negotiations, which reduced gold's appeal as a safe-haven asset [2][3][5]. Market Performance - On Friday, spot gold prices fell by 1.63%, closing at $3,273 per ounce, with a weekly decline of 2.8%. COMEX gold futures also dropped by 1.85%, closing at $3,286 per ounce, marking a second consecutive week of losses [4]. - The lowest point for spot gold during the day was $3,255 per ounce, while COMEX futures hit a low of $3,266.5 per ounce, with intraday declines exceeding 2% [4]. Influencing Factors - The recent ceasefire in the Middle East has diminished the geopolitical risk premium, which traditionally supports gold prices. Analysts suggest that the demand for gold as a safe-haven asset is likely to continue decreasing [5][6]. - Despite a five-day decline in the US dollar index, which typically supports commodity prices, gold did not respond positively, indicating a shift in market dynamics [4]. Future Outlook - Analysts predict that gold prices may still have upward potential in the medium to long term due to several factors: 1. Continued geopolitical tensions, such as the ongoing Russia-Ukraine conflict and instability in the Middle East, are expected to sustain safe-haven demand for gold [6]. 2. Anticipated interest rate cuts by the Federal Reserve could boost gold prices ahead of policy changes, as lower interest rates reduce the attractiveness of bond investments [6]. 3. Central banks in lower and middle-income countries are likely to increase their gold reserves, narrowing the gap with higher-income countries [6]. 4. The high deficit and debt levels in the US are projected to maintain upward pressure on long-term gold prices [6]. Tariff Negotiations - Progress in tariff negotiations has been reported, with EU leaders expressing optimism about reaching an agreement to avoid further economic damage. This development is seen as a factor that could influence market risk appetite and, consequently, gold prices [8][9].