Group 1: US-China Tariff Negotiations - The US and China are currently in a stalemate regarding tariff negotiations, with no significant progress reported [1] - US President Trump claims negotiations are ongoing, while China officially denies any discussions on tariffs [1] - The US is attempting to sway hesitant countries by suggesting that even the strongest parties are yielding in negotiations [1] Group 2: Gold Market Analysis - A recent report indicates that gold prices have been driven up by escalating US-China tariff tensions, a weakening dollar, and heightened global risk aversion since April [4] - Long-term support for gold prices is attributed to safe-haven demand, with geopolitical instability and tariffs expected to sustain prices [4] - The report suggests that the recent downturn in US equities has led to increased asset allocation towards gold, making it a significant beneficiary of the current market conditions [4] - The analysis indicates a potential short-term price correction for gold due to overbought conditions, with a possible price range of $3000 to $2700 serving as important support [5] Group 3: Market Trends and Predictions - The upcoming week may see reduced volatility due to non-farm payroll data and the Labor Day holiday, but the downward adjustment trend from 3500 has not concluded [7] - The market is expected to continue its downward trajectory, with targets set at 3230 and 3165, which are key Fibonacci retracement levels [7] - Short-term support for gold is identified at 765 to 752, with resistance at 790 [7]

Group 1 - The core viewpoint is that after the implementation of tariff policies in April 2025, gold prices are expected to experience significant volatility, driven by escalating US-China tariff tensions, a pressured US dollar, cautious Federal Reserve policy expectations, and heightened global risk aversion [1] - Long-term support for gold prices is attributed to safe-haven demand, with tariffs and geopolitical instability acting as key factors [1] - The recent downturn in US equities has led to a strong asset allocation demand for gold from European and American funds, making gold a significant beneficiary of the current US stock market decline [1] Group 2 - The narrative of a collapse in dollar credit is emerging, with structural dollar depreciation benefiting gold as a primary asset, alongside central bank gold purchases reflecting this trend [2] - The pricing framework for TIPS has become ineffective, as market risk aversion has begun to dominate gold pricing, influenced by changes in the dollar credit system and central bank purchasing behavior [5] - Central banks view gold as an alternative to the dollar, with geopolitical factors driving its pricing, and concerns over weak US stocks and the dollar contributing to the recent increase in global ETF gold holdings [6] Group 3 - The pricing logic of gold is likely changing, with gold no longer being merely an appendage to the dollar system but gradually becoming a rival to it [8] - The true signal for asset price revaluation is found in gold prices rather than in the RMB to USD exchange rate or interest rate paths, indicating that RMB gold prices are becoming the true monetary anchor for China [8] - Current RMB gold prices are more aligned with a "Shanghai-led" pricing model rather than the previous "USD gold price and exchange rate" triangular conversion [8]