当地时间8月11日下午，美国总统特朗普在社交媒体上发文称，黄金将不会被征收关税。 在外界的焦急等待中，美国总统特朗普周一在社交媒体发文称，进口黄金将不会被征收关税，但没有公 布细节。截至周一下午，美国相关机构尚未发布对该政策的任何更新。 受这一消息影响，纽约商品交易所黄金期货价格当天出现超过2%的跌幅，至每盎司3404.70美元，创近 三个月来最大跌幅。 与此同时，对黄金的避险需求因俄乌停火前景而减弱，投资者也在密切关注事关9月美联储降息的最新 美国通胀报告及依然不明朗的全球贸易形势进展。 此前，由于市场推测美国海关与边境保护局将对进口的1公斤和100盎司金条征收关税，对黄金期货交割 可能受到影响的担忧刺激黄金期货价格在日前显著上涨并创下历史新高。 根据特朗普签署的行政令，美国从7日开始对从瑞士进口的产品征收39%的关税，而瑞士拥有的大量黄 金储备在保障国际黄金期货市场交割方面发挥重要作用。 72小时市场巨变 纽约商品交易所近月黄金期货合约周一重挫近2.5%，盘后失守每盎司3400美元，创今年5月以来最大跌 幅。 上周五（8日），美国海关和边境保护局表示，向美国供应1公斤金条和100盎司金条时使用的正确海关 ...

Group 1 - President Trump announced that gold will not be subject to tariffs, leading to a more than 2% drop in gold futures prices on the New York Commodity Exchange [1] - Market speculation about potential tariffs on imported gold bars, specifically 1 kilogram and 100 ounces, had previously driven gold futures prices to a historic high [3] - An executive order signed by Trump imposed a 39% tariff on products imported from Switzerland, which is significant due to Switzerland's large gold reserves that play a crucial role in international gold futures market delivery [3]

由于市场推测美国海关与边境保护局将对进口的1公斤和100盎司金条征收关税，对黄金期货交割可能受 到影响的担忧刺激黄金期货价格在日前显著上涨并创下历史新高。 新华社纽约8月11日电（记者刘亚南）美国总统特朗普11日下午在社交媒体上发文称，黄金将不会被征 收关税。 受这一消息影响，纽约商品交易所黄金期货价格当天出现超过2%的跌幅。 根据特朗普签署的行政令，美国从7日开始对从瑞士进口的产品征收39%的关税，而瑞士拥有的大量黄 金储备在保障国际黄金期货市场交割方面发挥重要作用。（完） ...

本文字数：1963，阅读时长大约3分钟 作者 | 第一财经 樊志菁 在上周引起市场剧烈波动后，美国总统特朗普周一宣布，不会对进口金条加征关税。当天国际金价震荡走低超2%，创近三个月来最大跌幅。与此同时， 对黄金的避险需求因俄乌停火前景而减弱，投资者也在密切关注事关9月美联储降息的最新美国通胀报告及依然不明朗的全球贸易形势进展。 72小时市场巨变 纽约商品交易所近月黄金期货合约周一重挫近2.5%，盘后失守每盎司3400美元，创今年5月以来最大跌幅。 商品经纪商StoneX分析师奥康内尔（Rhona O'Connell）表示："芝加哥商品交易所COMEX库存目前占未平仓合约的86%，而正常情况下为40%-45%，因此 没有流动性问题。"他预计，美国海关与边境保护局仍可能修改其观点，或者华盛顿可能会将第二个HS编码添加到其排除清单中，或者该行业可能会挑战 美国海关与海关保护局的立场。 多重因素或影响短期金价 如今，市场目光将转向最新美国物价数据。美国7月消费者价格指数CPI将于周二公布，周四将公布生产者价格指数PPI。 最近一份弱于预期的美国就业报告增加了交易员对美联储9月份降息的押注。根据芝加哥商品交易所集团的F ...

Core Viewpoint - President Trump announced on social media that gold will not be subject to tariffs, leading to a significant drop in gold futures prices by over 2% on the same day [1]. Group 1: Market Reaction - The announcement caused a decline in gold futures prices, which had previously surged due to concerns about potential tariffs on imported gold bars [1]. - The market had anticipated that the U.S. Customs and Border Protection would impose tariffs on imported gold bars weighing 1 kilogram and 100 ounces, contributing to the recent price increase and historical highs in gold futures [1].

Core Viewpoint - President Trump announced that gold will not be subject to tariffs, leading to a significant drop in gold futures prices by over 2% on the New York Commodity Exchange [1]. Group 1: Market Impact - The announcement alleviated market concerns regarding potential tariffs on imported gold bars, which had previously driven gold futures prices to historic highs [1]. - Prior to the announcement, there were fears that the U.S. Customs and Border Protection would impose tariffs on 1-kilogram and 100-ounce gold bars, contributing to the price surge [1]. Group 2: Tariff Details - Starting from August 7, the U.S. imposed a 39% tariff on products imported from Switzerland, which is significant due to Switzerland's large gold reserves that play a crucial role in the international gold futures market [1].

Group 1 - Spot gold maintains a decline of 1.58%, stabilizing near the daily low of $3,341.40 [1] - COMEX gold futures show a decline of 2.55%, holding steady around the daily low of $3,402 [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Gold**: Fed personnel changes boost easing expectations, gold tariff news causes price fluctuations. With a new dovish Fed outlook, gold prices are expected to be oscillating and slightly bullish. The premium of Shanghai gold has converged to -2.2 yuan/gram [4]. - **Silver**: Silver prices follow gold prices, showing a short - term decline and then a rebound. With the recovery of risk appetite and the improvement of domestic commodity sentiment, silver prices are expected to be bullish [6]. 3. Summary by Directory 3.1 前日回顾 (Previous Day's Review) - **Gold**: U.S. stock indexes rose, European indexes were mixed, U.S. bond yields increased, the dollar index rose, and COMEX gold futures rose 0.13% to $3458.2 per ounce. The Fed's personnel change pushed up easing expectations, and the gold tariff news led to price oscillations [4]. - **Silver**: Silver prices followed gold prices, rebounding after a short - term decline. COMEX silver futures rose 0.56% to $38.51 per ounce [6]. 3.2 每日提示 (Daily Tips) - **Gold**: The basis is - 3.38, with the spot at a discount to the futures; the inventory of gold futures remains unchanged at 36045 kg; the 20 - day moving average is upward, and the K - line is above it; the main net position is long, but the main long position decreased [4][5]. - **Silver**: The basis is - 40, with the spot at a discount to the futures; the inventory of Shanghai silver futures increased by 8049 kg to 1158387 kg; the 20 - day moving average is upward, and the K - line is above it; the main net position is long, and the main long position increased [6][7]. 3.3 今日关注 (Today's Focus) - Japan's stock market is closed for "Mountain Day". - At 16:00, Italy's July CPI final value and June trade balance will be released. - China's July M2 and other money supply, January - July social financing scale increment, and new RMB loans may be released [16]. 3.4 基本面数据 (Fundamental Data) - **Gold**: Bullish factors include global turmoil, rising U.S. stagflation expectations, tense situations in Russia - Ukraine and the Middle East, and tariff concerns. Bearish factors involve Trump's new policies, improved U.S. economic expectations, significant interest rate hikes by the Bank of Japan, the end of the Russia - Ukraine conflict, and black swan events [11][15]. - **Silver**: Bullish factors are similar to those of gold, and the tariff on non - ferrous metals supports silver prices. Bearish factors are also similar to those of gold [14][15]. 3.5 持仓数据 (Position Data) - **Gold**: The long position of the top 20 in Shanghai gold increased by 2.86% to 231,526 on August 8 compared to August 7, the short position increased by 0.28% to 61,173, and the net position increased by 3.82% to 170,353 [29]. - **Silver**: The long position of the top 20 in Shanghai silver increased by 1.78% to 353,481 on August 8 compared to August 7, the short position decreased by 3.11% to 261,474, and the net position increased by 18.83% to 92,007 [32].

Group 1 - The U.S. government has announced a 39% tariff on gold bars imported from Switzerland, causing significant turmoil in international financial markets [1][2] - Following the announcement, gold futures prices surged to a historic high of $3,534 per ounce, but the White House quickly denied the tariff plans, leading to a rapid decrease in gold price gains [1][2] - Since the end of 2024, precious metal prices, including gold and silver bars, have increased by 27%, driven by inflation concerns, tariff risks, and the weakening position of the U.S. dollar [1] Group 2 - The potential inclusion of gold in the tariff list could disrupt the core operational mechanisms of the U.S. gold market, particularly affecting the reliability of futures contracts that depend on physical delivery [2] - The tariff may challenge New York's status as a global gold pricing center, with analysts warning that it could distort the market and reduce the exchange's attractiveness to global investors [2] - The uncertainty surrounding the tariff has led to a disconnect in gold pricing between London and New York, indicating an increased risk premium in the U.S. market [2][3] Group 3 - The global gold trade relies on a triangular flow system involving London, Switzerland, and New York, and the tariff could necessitate a restructuring of this international supply chain [3] - Due to rising economic uncertainty, U.S. retailers like Costco have implemented limits on gold bar purchases, suggesting that consumers may face potential cost pass-throughs [3]

Core Viewpoint - The gold market is experiencing significant volatility due to the news of the U.S. government imposing tariffs on imported gold bars weighing 1 kilogram, which initially drove prices to a historical high before a sharp decline occurred [1][2][3]. Group 1: Market Reaction - On August 9, COMEX gold futures dropped sharply from $3,490 to $3,445 within three minutes after the tariff news broke, despite having previously risen over 2% to a record high of $3,534.10 [1][3]. - Following the announcement of the tariff, gold-related stocks such as Newmont and Agnico Eagle Mines quickly reversed their gains [4]. - The price difference between London and New York gold prices widened significantly due to the tariff news, reaching over $100 per ounce before narrowing to below $60 [3]. Group 2: Tariff Implications - The reported tariff on 1-kilogram gold bars could have profound implications for global gold flows and the functioning of U.S. futures contracts, as gold is treated differently from other commodities like copper [2][4]. - The decision to impose tariffs is expected to particularly impact Swiss refineries, which play a crucial role in the global gold market by facilitating the delivery of gold bars between London and New York [4][5]. - The U.S. gold refining capacity is limited, and the imposition of tariffs could render COMEX contracts unfeasible, leading to potential capacity issues and increased market uncertainty [5]. Group 3: Industry Responses - The Swiss Precious Metals Association expressed concerns that the tariffs would make exporting gold to the U.S. economically unviable, potentially eliminating any future trade deficits in gold exports [5]. - The London Bullion Market Association is seeking clarification on the recent tariff decision, which contradicts previous statements from the U.S. government regarding the exemption of gold bars from tariffs [5].