Core Viewpoint - The recent U.S. inflation data has altered market expectations regarding the Federal Reserve's monetary policy, reducing concerns about interest rate hikes and enhancing the appeal of gold as a safe-haven asset [3]. Fundamental Analysis - U.S. inflation data: The Consumer Price Index (CPI) for April rose by 0.2% month-on-month, lower than the expected 0.3%, with a year-on-year increase of 2.3%, marking the lowest level since February 2021. This has led to a shift in market expectations regarding the Federal Reserve's monetary policy, supporting gold prices [3]. - Trump's statements add market uncertainty: Following the CPI report, Trump pressured Powell to lower interest rates and claimed that Saudi Arabia would invest $1 trillion in the U.S. His calls for rate cuts align with market expectations, further enhancing the attractiveness of gold amid geopolitical uncertainties [3]. - Monetary policy expectations: Weaker inflation data has strengthened market belief in the Federal Reserve's capacity for monetary policy adjustments, increasing expectations for rate cuts. This is likely to lower the opportunity cost of holding gold, attracting more funds into the gold market and supporting price increases [3]. Technical Analysis - Gold prices exhibited significant volatility, ultimately closing higher after experiencing two dips followed by recoveries. The 5-day and 10-day moving averages have formed a death cross and are trending downward, creating resistance levels at approximately 3275 and 3300, which may limit upward movement [5]. - Key support levels are identified at 3208/3207, which is crucial as it aligns with the previous low and an important support line. If this support is breached, the market outlook may shift to a bearish perspective, with 3150 as the next critical support level [7]. - Resistance levels to monitor include 3265, 3275, and 3290/3293, with further attention on 3323 and 3350 if a strong upward trend occurs [7].

| 不过，仍有不少网友认为目前金价处于高位，直言"跌得不够多"。 | | --- | 国际金价持续震荡 近日，国际金价表现较为震荡。5月8日至5月12日四个交易日中，有三个交易日出现下跌，COMEX黄金、伦敦金现区间跌幅分别达5.29%、5.7%。 5月13日早间，金价持续下跌，其中现货黄金一度失守3220美元/盎司关口，此后又出现回调。截至发稿，COMEX黄金报3239.9美元/盎司，上涨0.37%；伦 敦金现报3236.68美元/盎司，上涨0.03%。 5月13日，"金价又崩了"话题登上微博热搜。 有网友感叹目前金价"非常不稳定"，也有网友称"最近赔了不少""亏了好几千了"。 足金饰品再度跌破千元大关 5月初，国内首饰金价曾普遍跌破1000元/克关口，部分品牌报价甚至重回"8字头"，但不久后每克报价又涨破千元。 5月13日，国内多家金店足金价格再次跌破千元关口。其中，周大福、周六福、金至尊的足金饰品价格均降至992元/克，日跌幅达1.59%；老庙的足金饰品 价格降至987元/克，日跌幅达1.3%。 消息面上，随着中美贸易关税谈判最新进展的披露，多家机构认为，短期金价或将面临回调风险。 宝城期货分析，5月1 ...

消息面解读：两国达成短期关税减免协议成为市场焦点，中国同意将对美国商品的关税从125%降至10%，而美国则将对中国商品的关税从145%降至30%， 双方协议有效期为90天。关税协议的消息引发金融市场剧烈波动：美国国债收益率攀升，10年期收益率触及4.43%，创4月初以来新高。当前市场情绪正经 历从避险向风险偏好的显著转变。贸易紧张局势的缓和极大提振了市场风险偏好，导致资金从黄金等避险资产大规模流出。恐惧与贪婪指数显示市场正从恐 惧区域迅速转向贪婪，这通常预示着金价的进一步承压。流动性指标显示，随着资金涌向风险资产，黄金市场的流动性有所降低，这可能会放大短期内的价 格波动。 没有不成功的投资，只有不成功的操作，秦氏金升浸染金融行业十余载，有丰富的实战操盘经验和独特的交易理念，我们拥有全球稳健的交易系统在这里， 对黄金、原油、等投资领域研究多年，具有扎实的理论基础和实战经验，擅长技术面消息面结合式操作，注重资金管理和风险控制，操作风格稳健果断，以 随和负责的性格与犀利果断的操作而被广大投资朋友认可。分析文章只是对市场未来可能的描述，只是观点的表达，不作为投资决策依据，投资有风险，交 易务必注意合理的仓位配置、资金 ...

Group 1 - The market sentiment towards global trade relations is improving, leading to a negative correlation between risk assets and the euro's performance [1] - The euro has recently been viewed as a hedge against U.S. policy uncertainty, benefiting from safe-haven inflows during stock market declines [1] - The euro has depreciated significantly, dropping to 1.1079 against the dollar, marking a one-month low, with 1.10 identified as a key support level [1] Group 2 - Analysts predict that the euro may continue to face pressure, with any further trade progress potentially accelerating its decline [1] - Some institutions remain optimistic about the euro, with forecasts suggesting it could rebound later this year as the Federal Reserve begins to cut rates, potentially reaching 1.17 by the end of 2025 and 1.24 by the end of 2026 [1] - Deutsche Bank has revised its forecast, now expecting the euro to rise to 1.20 by December and further to 1.30 by the end of 2027 [2] Group 3 - The market has adjusted its expectations for the European Central Bank's (ECB) interest rate cuts, which may support the euro [2][3] - ECB Governing Council member Schnabel has expressed a cautious stance on further rate cuts, indicating that maintaining rates near current levels is appropriate [2] - Current market bets place the ECB's deposit rate at 1.75%, higher than previous estimates of 1.55% to 1.67% [3]

Group 1 - The core viewpoint of the articles indicates that global risk aversion has decreased due to positive developments in US-China trade negotiations and easing geopolitical tensions, leading to a decline in international gold prices [1] - As of the latest report, COMEX gold futures are trading around $3221 per ounce, reflecting a daily drop of over 3.6% from previous highs [1][2] - Despite the recent decline, gold prices have maintained a high level of volatility throughout the year, with a notable increase in demand for gold products among younger consumers [2][3] Group 2 - A new trend has emerged in the market with ultra-lightweight gold stickers, weighing between 0.01 grams to 0.2 grams, appealing to younger consumers with prices ranging from tens to over a hundred yuan [3][5] - Gold banknotes and gold cakes have become popular in the Shenzhen market, especially themed products for occasions like Mother's Day, indicating a shift in consumer preferences towards lower-weight gold items [3][5] - The price of gold banknotes is generally around 160 yuan, while the price of gold jewelry has seen a decline, with market prices dropping below 800 yuan per gram [5][6] Group 3 - Analysts suggest that the easing of trade and geopolitical tensions may lead to a shift of funds from safe-haven assets to riskier investments, putting continued pressure on gold prices [6] - However, ongoing purchases by central banks and speculative activities by retail investors may provide some support for gold prices, preventing a significant decline [6] - Goldman Sachs has reiterated its bullish outlook on gold, predicting that spot gold prices could reach $3700 per ounce by the end of the year and potentially hit $4000 by mid-2026 [6]

Core Viewpoint - Despite a recent decline in gold prices, the market has maintained a high level of volatility since the beginning of the year, leading to new trends in gold purchasing behavior among consumers [1][2]. Group 1: Gold Price Trends - As of the latest report, COMEX gold futures are trading around $3221 per ounce, with a daily decline of over 3.6% from a previous close of $3344 [1][2]. - The highest price recorded recently was $3295.5, while the lowest was $3219.2, indicating significant fluctuations in the market [2]. Group 2: Consumer Behavior - A new trend has emerged with the popularity of ultra-lightweight gold stickers, weighing between 0.01 grams to 0.2 grams, priced from tens to over a hundred yuan, appealing particularly to younger consumers [3]. - The market has also seen a rise in themed gold notes and bars, especially around occasions like Mother's Day, with sales of nearly 100 units in a single day [4][6]. Group 3: Market Dynamics - The price of gold notes generally hovers around 160 yuan, with variations based on real-time gold prices and additional processing fees [6]. - High gold prices have not necessarily benefited sellers, as consumer preferences have shifted towards low-weight, design-oriented gold jewelry, reflecting a trend towards "small and beautiful" products [6]. Group 4: Future Outlook - Analysts suggest that easing trade and geopolitical tensions may lead to a shift of funds from safe-haven assets to riskier investments, potentially putting downward pressure on gold prices [6]. - However, ongoing purchases by central banks and retail speculation may provide some support for gold prices, preventing significant declines [6]. - Goldman Sachs has reiterated a bullish long-term outlook for gold, predicting that spot gold prices could reach $3700 per ounce by the end of the year and $4000 by mid-2026 [7].

北京商报讯（记者 李海颜）中美经贸会谈释放积极信号，黄金上涨却遇到阻碍。5月12日，国际金价急 速"跳水"，截至17时10分，伦敦现货黄金报3226美元/盎司，跌幅达3.04%，最低触及3215.78美元/盎司； COMEX黄金期货报3234.5美元/盎司，跌幅达3.26%，最低触及3219.2美元/盎司。 "国际金价之所以出现大幅下跌，主要是中美经贸高层会谈取得实质性进展，大幅降低双边关税水平。"苏 商银行特约研究员武泽伟说道。 据悉，5月10日至11日，中美双方在瑞士日内瓦举行经贸高层会谈。5月12日，中美日内瓦经贸会谈联合声 明发布，双方达成多项积极共识，会谈取得实质性进展。根据联合声明，中美双方大幅降低双边关税水 平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"， 中方也相应暂停实施24%的反制关税。 武泽伟表示，黄金是典型的避险资产，与世界地缘政治局势密切相关。因此，在中美经贸谈判取得成果 时，由于市场风险偏好下降，国际金价就有回调风险。 回顾国际金价走势，受地缘政治冲突、美联储降息等因素的影响，2025年开年以来，国际金价便延续了去 年的强势表现 ...

在一场可能对全球经济造成严重破坏的贸易战大幅缓和之际，本次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美方取消了共计91%的加征 关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应暂停实施24%的反制关税。 据外媒报道，周一，黄金价格下跌3%，跌至一周多以来的最低水平。此前中国和美国表示已达成削减互征关税的协议，这推动美元上涨，同时削弱了黄金 作为避险资产的吸引力。 现货黄金下跌3%，报3224.34美元/盎司，为5月1日以来的最低水平。美国黄金期货下跌3.5%，报3228.10美元。 瑞士银行分析师Giovanni Staunovo表示："中美紧张局势的缓和，以及关税在90天内被削减，降低了对黄金等避险资产的需求。""短期内价格可能会保持波 动。但美国较高的关税仍在拖累经济增长，可能会迫使各国央行在今年晚些时候进一步降息。此外，各国央行可能会利用此次价格回调来增加黄金敞口。" 上个月，美国引发了贸易战，并加剧了人们对全球经济衰退的担忧。 （文章来源：金十数据） Reliance Securities高级大宗商品分析师吉格尔特里维迪表示，贸易谈判取得进展，短期内，金价 ...

刚刚过去的这个周末，大事频发，随着中美贸易谈判出现积极进展、印巴等地缘政治冲突缓和，全球避 险情绪退潮，黄金跳水。 周一，亚市盘初，现货黄金大幅走低超40美元，盘中最多下跌1.4%，截至发稿报3277.89美元/盎司。 上周黄金上涨2.6%。 普京再次强调，俄罗斯愿意在不设置先决条件的情况下与乌克兰进行直接谈判。此前在伊斯坦布尔举行 的俄乌谈判破裂原因不在俄方，虽然战斗行动还在持续，但是俄方愿意与乌克兰恢复此前中断的谈判。 一度推迟的美伊第四轮谈判也正式启动。 据 央视报道 ，当地时间11日从伊朗方面获悉，伊朗和美国关 于核问题的第四轮谈判当天在阿曼首都开始举行。 黄金跳水同时，周一美股期货大幅走高。美股三大股指期货高开逾1%，纳指期货涨1.5%，标普500指 数期货涨1.27%。 分析认为，随着贸易和地缘政治紧张局势的缓和，资金可能开始从避险资产流向风险资产，这将对金价 构成持续压力。但中央银行的持续购买和散户的投机活动可能会在一定程度上支撑金价，防止出现更大 幅度的下跌。 热闻推荐 ： 国家出手！整顿隐藏式车门把手 ⭐星标华尔街见闻，好内容不错过 ⭐ 据央视新闻报道，中美经贸高层会谈达成重要共识，并取得实 ...

乌克兰总统泽连斯基5月11日表示，俄罗斯方面关于恢复直接谈判的建议是个好的迹象。他认为真正结 束战争的第一步就是停火，乌克兰期待俄罗斯能够实施全面、持久且可靠的停火，乌方希望俄罗斯从明 天，也就是5月12日开始实施停火，乌克兰愿意进行谈判。 美国总统特朗普在社交媒体最新发帖称："俄罗斯总统普京并不想与乌克兰达成停火协议，而是希望于 周四在土耳其会面，就结束这场冲突的可能性进行谈判。乌克兰应该立即同意这一点。至少他们将能够 判断是否有可能达成协议，而且如果无法达成协议，欧洲领导人以及美国也会清楚形势究竟如何，并能 够据此采取行动！我开始怀疑乌克兰是否会与普京达成协议，普京正忙于庆祝第二次世界大战的胜利， 而如果没有美利坚合众国，二战根本不可能获胜。现在就举行会谈吧！" 【现货黄金走势分析】 摘要本交易日（5月12日）亚市盘中，现货黄金价格下跌，截止北京时间10:33，最低触及3257.39美元/ 盎司，创近一周新低，今日金价开盘于3324.73美元/盎司，最高上探3324.73美元/盎司，最低触及 3257.39美元/盎司。 本交易日（5月12日）亚市盘中，现货黄金价格下跌，截止北京时间10:33，最低触及32 ...