Report Industry Investment Rating No relevant information provided. Core View of the Report - The U.S. April non - farm payroll data was unexpectedly strong, Trump indicated a tariff cut on China, and the Fed maintained policy independence, leading to a decline in market risk - aversion and a correction in gold prices. However, U.S. tariff policies have raised market concerns about a hard - landing of the economy, increasing the expected number of interest rate cuts this year. The Fed remains hawkish, and market expectations of a July rate cut, along with central bank gold - buying demand and risk - aversion, support precious metal prices. Due to the expected volatility of U.S. tariff policies, prices are likely to be in an adjustment state. Attention should be paid to the Fed's May interest rate decision on Thursday [10]. - It is recommended to trade cautiously, and consider a strategy of building positions at low prices after a full price correction, with reference to the operating ranges of Shanghai Gold 06 contract (758 - 800) and Shanghai Silver 06 contract (7600 - 8500) [11]. Summary by Directory 1. Market Review - The progress of tariff negotiations and Trump's expansion of the tax - levying scope led to a wide - range shock in the price of U.S. gold. As of last Friday, U.S. gold closed at $3247 per ounce, down 2.4% for the week. The upper resistance level is $3390, and the lower support level is $3270 [6]. - The price of U.S. silver showed a weak shock. As of last Friday, it had a weekly decline of 3.5%, closing at $32.18 per ounce. The lower support level is $32, and the upper resistance level is $34 [9]. 2. Weekly View - The U.S. April non - farm payroll data was strong, Trump planned to cut tariffs on China, and the Fed maintained policy independence, reducing market risk - aversion and causing a correction in gold prices. The U.S. tariff policy has worried the market, increasing concerns about a hard - landing of the economy and the expected number of interest rate cuts this year. The Fed remains hawkish, and the ECB cut interest rates by 25 basis points in April. The market expects the Fed to cut rates in July, and central bank gold - buying demand and risk - aversion support precious metal prices. The expected volatility of U.S. tariff policies means prices will likely be in an adjustment state. Attention should be paid to the Fed's May interest rate decision on Thursday [10]. - Strategy suggestion: Trade cautiously, and consider building positions at low prices after a full price correction, with reference to the operating ranges of Shanghai Gold 06 contract (758 - 800) and Shanghai Silver 06 contract (7600 - 8500) [11]. 3. Overseas Macroeconomic Indicators The report presents data and trends of various overseas macroeconomic indicators such as real interest rates (10 - year TIPS yield), dollar index, euro - dollar exchange rate, pound - dollar exchange rate, yield spreads (10Y - 2Y), Fed balance sheet size, gold - silver ratio, and WTI crude oil futures price, but no specific analysis is provided in the text [14][18][20]. 4. Important Economic Data of the Week | Economic Indicator | Announced Value | Expected Value | Previous Value | | --- | --- | --- | --- | | U.S. April non - farm payrolls change (seasonally adjusted, in millions) | 17.7 | 13 | 18.5 | | U.S. April unemployment rate (%) | 4.2 | 4.2 | 4.2 | | U.S. April ISM manufacturing PMI | 48.7 | 48 | 49 | | U.S. April ADP employment change (in millions) | 6.2 | 11.5 | 15.5 | | U.S. Q1 real GDP annualized quarterly rate (preliminary value, %) | - 0.3 | 0.3 | 2.4 | | U.S. Q1 core PCE price index annualized quarterly rate (preliminary value, %) | 3.5 | 3.3 | 2.6 | | U.S. March PCE price index annual rate (%) | 2.3 | 2.2 | 2.5 | [22] 5. Important Macroeconomic Events and Policies of the Week - Trump approved a 100% tariff on overseas - made movies, expanding the scope of the trade war from physical goods to an industry with a large U.S. trade surplus, indicating a possible further spread of the trade war. - The U.S. added 17.7 million non - farm jobs in April, far exceeding the market expectation of 13.8 million. The unemployment rate was 4.2%, in line with expectations, and the labor force participation rate was 62.6%, slightly higher than expected. - The U.S. March PCE price index increased by 2.3% year - on - year, the lowest level since last autumn; the core PCE price index increased by 2.6% year - on - year, lower than the previous value of 2.8%; both PCE and core PCE were flat month - on - month [24]. 6. Inventory - Gold: COMEX inventory decreased by 13,384.47 kg to 1,283,813.73 kg this week, and the Shanghai Futures Exchange inventory remained unchanged at 15,648 kg compared with last week. - Silver: COMEX inventory increased by 33,287.27 kg to 15,519,976.28 kg this week, and the Shanghai Futures Exchange inventory increased by 36,093 kg to 959,689 kg [12][29]. 7. Fund Holdings - As of April 29, the net long position of gold CFTC speculative funds was 181,879 lots, a decrease of 13,390 lots compared with last week. - As of April 29, the net long position of silver CFTC speculative funds was 47,819 lots, an increase of 5,502 lots compared with last week [12][33]. 8. Key Points to Watch This Week - On Thursday (May 8), at 20:30, pay attention to the U.S. initial jobless claims for the week ending May 3; at 23:00, pay attention to the U.S. April New York Fed 3 - year inflation expectation [35].

华夏时报（www.chinatimes.net.cn）记者 李明会 北京报道 "金价又涨了，五一期间入手'三金'多好！"五一假期的节后第一天，"金价再爆发"又上热搜，正在备婚的钱女士对 《华夏时报》记者直言后悔到拍大腿，"还以为五一过后金价能便宜些，没想到又涨了。" 今年以来，金价高位狂飙，牵动多方神经。像钱女士一样，不少备婚新人都在纠结要不要在此时购买"三金"或"五 金"，生怕买在高位当了"冤大头"。不过，一位新人劝告记者，"要买赶紧买，不然可能越来越贵，我就是从（克 价）七百多拖到一千才买的。" 5月6日，国际金价延续此前一日上涨态势，盘中一度触及3386美元/盎司，截至记者发稿前，现货黄金站上3379美 元/盎司，日内涨1.36%，COMEX黄金期货亦持续上涨，一度突破3390美元/盎司，日内涨幅逼近2%。 受此影响，5月6日，国内多家品牌金店足金饰品价格再度涨破1000元/克，有品牌金饰单克金价甚至一夜反弹超30 元。 金价再爆发 此前4月22日，现货黄金一度涨超3500美元/盎司，刷新历史新高。此后现货黄金连续多日回调，但近日再度卷土 重来。 不过，5月5日，现货黄金大幅拉升，一举突破3300美元/ ...

近期黄金市场热度飙升，金价（XAU/USD）连续两日吸引避险资金涌入，周二亚洲时段攀升至近两周高点的 3381 - 3382 美元区域。ETO Markets 分析认 为，市场避险情绪主导金价走势，而未来美联储决议等关键事件将决定其后续方向。 避险情绪高企，金价强势攀升 贸易政策不确定性持续 全球贸易关系虽现缓和迹象，但特朗普贸易政策反复无常，如对海外电影征收 100%关税，打击全球贸易稳定性。尽管美国可能重启谈判，但特朗普暗示本 周或达成协议却未指明国家，市场忧虑难消。 地缘冲突不断升级 地缘政治局势紧张，俄乌冲突持续升级，乌克兰无人机袭击莫斯科致三大机场关闭；周日以色列联合美军空袭也门荷台达港，以回应胡塞武装攻击。这些事 件凸显黄金避险属性，支撑金价上涨。 避险情绪主导市场 本周二开始的 FOMC 会议是影响金价的关键事件。尽管美国服务业与就业数据强劲降低短期降息预期，但若美联储暗示年内仍有降息可能，金价有望进一 步上行。 美元走势与市场反应 市场策略师指出，即便美元买盘回升，黄金仍坚挺，表明市场对地缘政治担忧远超经济数据乐观情绪。投资者在复杂环境下，更倾向于将黄金作为避险资 产。 技术面：金价面临关键阻 ...

5月6日国内金价快报：国内各大金店金价在五一假期期间跌下千元大关，但今日重新上涨，再创历史新 高。今日六福金店价格上涨28元/克，最新标价1026元/克，与周大福等金店同为最高价金店。上海中国 黄金价格不变，还是报价969元/克，为最低价金店。今日金店黄金价差57元/克，价差再次扩大。 具体各大品牌金店最新价格见下表格： | 今日金店黄金价格一览（2025年5月6日） | | | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1022 | 元/克 | 31 | 涨 | | 六福黄金价格 | 1026 | 元/克 | 28 | 涨 | | 周大福黄金价格 | 1026 | 元/克 | 28 | 涨 | | 周六福黄金价格 | 1026 | 元/克 | 28 | 涨 | | 金至尊黄金价格 | 1026 | 元/克 | 28 | 涨 | | 老凤祥黄金价格 | 1025 | 元/克 | 27 | 涨 | | 潮宏基黄金价格 | 1022 | 元/克 | 28 | 涨 | | 周生生黄金价格 | 102 ...

Group 1 - The core viewpoint of the articles highlights the rising risk aversion in global markets driven by geopolitical tensions and divergent monetary policies, particularly affecting the Japanese yen [1][3] - The Bank of Japan has lowered its economic growth and inflation forecasts while maintaining short-term interest rates, indicating a potential for future rate hikes, creating a tug-of-war between bullish and bearish sentiments for the yen [3] - The Federal Reserve has not signaled a clear intention to cut rates, with strong service sector PMI and labor market data supporting the dollar, leading to increased volatility in the USD/JPY exchange rate [3] Group 2 - The USD/JPY exchange rate has faced resistance at key technical levels, specifically around 144.25 and 144.30, which has resulted in a confirmed short-term downtrend after breaking below the 144.00 level [3][4] - The market is currently focused on the support level at 143.50; a break below this could lead to further declines towards 143.00 and 142.65, while a rebound above 144.30 could trigger a short-covering rally [4] - The interplay of rising geopolitical risks and the Fed's neutral stance is driving a revaluation of the yen's safe-haven status, suggesting that even with the Bank of Japan's accommodative policy, demand for the yen may increase due to deteriorating global risk appetite [4]

从技术上来看，对于市场无规律的炒作避险情绪也不要盲目追随，按照今日早间行情再疯狂拉升的状 态，今日上方可能会继续去测试3400整数关口，但是情绪上过于亢奋的状态还是不宜去盲目追随看涨， 更不宜去盯着避险情绪的枪口去硬刚搏空。日内下方则着重关注10、5日线3310-00一带的测试，短线如 果欲参与，则有待回撤5、10日线再考虑短多。至于后期走势，则多关注周四凌晨美联储利率决定，期 间依旧要着重紧盯地缘局势的演变，以及特朗普关税政策的影响。 总之，当前黄金市场受多种因素综合影响，走势存在不确定性。金友需密切关注美联储利率决议、国际 贸易局势等关键。不过就目前局势来看，早间一波大涨几十美金，很容易造成一个卖预期行情，操作上 尽量还是回调在进场即可。 故日内操作上张津镭建议： 黄金：3350-3353做多，止损3340，目标看3390-3400一线，破位持有。 张津镭：避险升温致金价大涨，美联储会议将成"胜负手" 昨日黄金走了一个震荡反弹行情吗，亚盘开盘震荡走高午盘反弹至3270后回落一波至3250上方。随后金 价再度反弹，晚间突破3300关口，最高是到了3337美元一线，最终金价是收盘于3334美元，日线收于一 根 ...

新华财经北京5月6日电上周（4月28日至5月2日当周）国际现货黄金冲高回落，当周累计下跌78.12美元 或2.35%，周K线连续第二周收阴。 避险情绪缓和、强劲的美国就业数据提振美元反弹，以及市场对美联储6月降息预期降温等多重因素导 致金价自4月22日历史高点连续两周下跌近300美元、跌幅约7%。但4月份整体，金价仍以上涨164.57美 元或5.27%，实现连续第四个月收阳。 展望新的一周，贸易谈判进展仍是关键变量，若谈判陷入僵局，避险需求可能推升金价。另外，5月美 联储货币政策会议是周内的焦点事件，尤其是鲍威尔的讲话可能提供美联储未来政策走向的线索。 避险情绪缓和上周金价震荡回落 上周，美国关税政策的最新变动，是市场避险情绪回落、金价高位回调的主要因素。 美国总统特朗普29日签署公告，允许对进口汽车零部件、在美国组装汽车的汽车生产商进行一定程度的 补偿。同日，美国财政部长贝森特表示，特朗普政府在关税谈判方面正在取得实质性进展。此外，美国 商务部长霍华德·卢特尼克（Howard Lutnick）当日也表示，特朗普政府已经达成首个贸易协议，但该协 议尚未完全就绪。卢特尼克也没有披露该协议涉及的国家名称。 另外， ...

Fundamental Analysis - Trump's announcement of a 100% tariff on overseas film production has raised global trade war concerns, increasing market uncertainty and driving demand for gold as a safe-haven asset [3] - The U.S. services sector showed signs of recovery in April, with the non-manufacturing PMI rising from 50.8 in March to 51.6, indicating positive growth [3] - However, the index measuring corporate payment prices surged to its highest level in over two years, driven by tariff impacts, leading to increased inflationary pressures [3] - The market is closely watching the Federal Reserve's policy decision, with expectations that interest rates will remain unchanged at 4.25%-4.50% [3] - Due to the ongoing effects of Trump's tariff policy, market expectations for a rate cut in June have dropped to 37%, with major financial institutions like Goldman Sachs and Barclays pushing back their rate cut predictions to July [3] Technical Analysis - The gold market exhibited a clear shift in momentum last week, initially experiencing a consolidation phase before a downward trend took hold [5] - A significant bullish reversal occurred on Monday, with gold prices rising sharply and closing with a large bullish candle, indicating a potential shift back to a bullish market [5] - Current technical indicators suggest that if gold can maintain support above the moving averages, an upward trend may continue; otherwise, a new round of adjustments could occur [5] - Key resistance levels for gold are identified at 3353, 3370/3371, and 3386, while support levels are at 3305 and the critical zone of 3270-3260 [7][8]

避险情绪重回市场。 当地时间周一，美股三大股指收跌，纳指跌0.74%，标普500指数跌0.64%，道指跌0.24%。道指与标普500指数此前连续9个交易日的上涨至此终结。市场对全 球贸易局势的担忧加剧，尤其是特朗普称对进口电影征收100%的关税，引发了市场的不确定性。 据新华社，特朗普周日称，将对所有在外国制作的电影征收100%关税。另据媒体援引消息人士报道，在与美国的贸易谈判中，印度提出对钢铁、汽车零部件 和医药产品实行互免关税方案，但仅限于一定数量的进口。 特朗普上周日表示，一些贸易协议最早可能在本周敲定。包括韩国、日本和印度在内的亚洲经济体正积极与美国接触，争取率先达成临时协议。 关税威胁下，避险情绪重回市场，黄金涨近3%，接近抹平一周来跌幅。 大型科技股多数下跌，苹果跌超3%，特斯拉跌逾2%，亚马逊、奈飞、英特尔跌超1%，英伟达小幅下跌；微软、谷歌、Meta小幅上涨。伯克希尔哈撒韦-A跌 近5%，伯克希尔哈撒韦-B跌超5%，巴菲特宣布将于2025年底卸任首席执行官一职。 特斯拉收跌2.42%。据报道，特斯拉在欧洲核心市场正面临严峻挑战。最新数据显示，今年4月该品牌在六大主要欧洲市场的电动车注册量同比骤 ...

关税威胁压顶，美股回落，标普500指数终结二十余年来最长连涨日，黄金进一步走高。盘中公布的美国服务业先行指标意外向好，帮助遏制美股跌势，美 债收益率攀升。OPEC+再次加快增产后，原油开盘大跌，后收窄过半跌幅。 避险情绪重回市场，美股各行业板块普遍收跌： 汇市方面，新台币兑美元创1988年来最大盘中涨幅。后中国"台湾央行"重申，美财政部未要求新台币升值，称强烈的新台币升值预期部分 来自市场评论人员，呼吁评论人员勿以臆测方式论市，重申若汇率波动危及市场稳定，将介入。此外，评论称台湾险资对冲操作也助推新 台币飙涨。 周一，美国三大股指集体收跌，标普终结九连阳。影业关税威胁的冲击下，奈飞收跌近2%、迪士尼跌0.44%，苹果收跌超3%。伯克希尔-哈撒韦最终收跌 超5%。美股各板块ETF普遍收跌，其中OPEC+增产消息导致能源和油气板块跌超1.7%。 美股三大股指： 芯片股： 美股行业ETF： 标普能源和油气ETF领跌美股各板块ETF，其中前者跌幅1.81%，后者跌超1.7%。 美股盘前，据证券时报，特朗普4日周日称，美国正与中国等多国就贸易协议举行会谈，对华谈判的主要优先事项是确保达成公平的贸易协 议。据，特朗普周日 ...