③关税政策加剧市场波动 美国联邦上诉法院恢复特朗普关税政策，关税政策的不确定性影响美与他国贸易关系，左右全球经济前景与市场避险情绪，导致黄金价格震荡。政策收紧或 刺激金价，缓和则可能抑制金价。 综上，地缘冲突、美国经济数据与关税政策共同作用于现货黄金市场。投资者需紧盯俄乌局势、美国经济数据及关税政策变化，把握投资机会。 二、现货黄金技术面： 一、现货黄金基本面： ①地缘政治推升避险需求 6月1日，乌克兰无人机袭击多个俄罗斯军用机场，远至西伯利亚的贝拉亚基地亦受损，俄罗斯多地防空系统启动。地缘冲突加剧，作为避险资产的黄金，其 需求显著提升，只要局势未缓解，黄金将持续获避险买盘支撑。 ②美国经济数据影响市场预期 美国4月PCE物价指数同比涨2.1%，低于预期的2.2%，市场押注美联储9月降息概率升至87%。同时，二手房成交量、领先经济指数等数据疲软，显示美国经 济增长承压，进一步增加黄金避险需求。美联储若进入降息周期，黄金还将因持有成本下降、货币供应量增加而获上涨动力。 三、现货白银技术面： 复盘昨日现货白银市场表现，价格走出了单边上涨走势，最终突破震荡区间上边界33.710，顺利抵达目标位34.110，成功斩获 ...

ETF午间收盘涨跌不一，黄金股票ETF(159321)领涨3.99%，黄金股ETF(517520)涨3.81%，黄金股票 ETF(517400)涨3.80%，大湾区ETF(512970)领跌2.87%，汽车零部件ETF(159565)跌1.78%， 2000ETF(561370)跌1.52%。 黄金行情爆发中，一键布局买入黄金等避险资产>>> ...

Group 1 - The A-share market experienced a range-bound fluctuation near the 20-day moving average, with a decline in average daily trading volume to 1.14 trillion yuan [1] - Market performance was characterized by a hierarchy: consumption > growth > finance > cyclical [1] - Economic indicators such as the May PMI showed signs of recovery, but the overall economic situation remains weak due to trade friction uncertainties [1] Group 2 - Short-term risk appetite is limited, but declining interest rates favor safe-haven assets like gold and new consumption sectors with inherent growth support [2] - The long-term trade landscape has been disrupted by tariff impacts, benefiting safe-haven assets despite short-term fluctuations in gold prices [2] - The technology growth sector, particularly in AI, robotics, innovative pharmaceuticals, and military industries, may see renewed performance as earnings reports are released [2]

2025年的黄金市场，在多重宏观与结构性因素的共振下，正展现出前所未有的投资机遇。尽管金价短期 波动加剧，但黄金作为"终极避险资产"的长期配置逻辑持续强化，牛市下半场仍蕴藏巨大投资潜能。想 要抓住机遇，必然少不了皇御贵金属高达$26/手点差回赠福利，超低注资门槛搭配超高成本优惠，助力 每位投资者轻松入市，开启新一轮牛市布局！ (图源/皇御贵金属官网) 1、黄金市场基本面：多重机遇驱动牛市延续！ 3、皇御贵金属$26/点差回赠，人人可领！ 地缘时政风险常态化，避险需求持续升温。当前全球地缘格局动荡加剧，中东局势反复、俄乌冲突僵 持、印巴问题等风险点持续发酵。地缘时政不确定性放大市场波动，黄金作为避险资产的核心地位更加 凸显。历史数据显示，地缘冲突升级期间金价平均涨幅可达20%。 在黄金牛市的下半场，选择安全、高效、透明的交易平台至关重要。无论您是追求短期波段收益，还是 布局长期抗通胀资产，皇御贵金属作为香港黄金交易所AA类79号行员，凭借合规资质与卓越服务，都 将成为投资者把握黄金机遇的首选伙伴。此外，皇御贵金属投资平台更推出高达$26/手点差回赠优惠。 全球央行已连续三年净购金量超1000吨，2025年一季度 ...

Group 1 - Gold prices experienced a strong initial rise, with spot gold reaching $3,370 per ounce, and related stocks such as Lai Shen Tong Ling rising over 6% [1] - The recent fluctuations in gold prices are attributed to a recovery in global market risk sentiment, leading to a significant pullback in gold prices [3] - The approval of a request by the Trump administration to temporarily suspend a previous court ruling on tariffs has eased market concerns regarding trade tensions, reducing the demand for gold as a safe-haven asset [4] Group 2 - The strengthening of the US dollar has pressured gold prices, with the dollar index rising from 98.9787 to 99.8978, reflecting a 0.78% increase [5] - The yield on the 10-year US Treasury bonds increased from 4.21% to 4.47%, raising the opportunity cost of holding gold, which is a non-yielding asset [6] - The attractiveness of US equities has increased, with the S&P 500 and Nasdaq indices rising by 2.046% and 2.4654% respectively, leading to a shift of funds from gold to equity markets [6]

Group 1 - The gold ETF (518680) increased by 1.74%, indicating a strong performance in the gold market [1] - The Sci-Tech 100 ETF (588220) experienced a decline of 0.42%, reflecting a potential weakness in the technology sector [1] - The Sci-Tech 50 Enhanced ETF (588460) opened flat, suggesting a neutral market sentiment towards this specific fund [1] Group 2 - The Hong Kong Innovative Drug ETF (513120) rose by 0.20%, indicating positive investor sentiment in the innovative pharmaceutical sector [1] - The Hang Seng Consumer ETF (159699) saw a slight increase of 0.10%, reflecting stability in the consumer market [1] - The overall trend suggests a growing interest in gold and other safe-haven assets amidst market volatility [1]

Group 1 - Goldman Sachs suggests long-term investors should overweight gold and underweight oil over the next five years due to shifts in the global economic and financial landscape [1] - The recommendation to overweight gold is driven by concerns over the credibility of U.S. institutions and increasing global central bank demand for gold, reflecting worries about the reliability of the U.S. dollar [1][3] - The expansion of U.S. fiscal policy, rising debt levels, and the Federal Reserve's struggle to balance inflation and economic growth contribute to skepticism regarding U.S. institutional credibility [1][3] Group 2 - The importance of gold as a hedge against risk is emphasized, especially in the context of a weakening global economy and the potential for further dollar devaluation [3][4] - Historical data shows that gold tends to perform better than oil during periods of negative real returns in stocks and bonds, reinforcing its status as a safe-haven asset [4] - The actions of prominent investors, such as Jim Rogers, who have moved away from U.S. equities in favor of cash and gold, signal a growing concern about the risks in the U.S. stock market [4][5]

文 | 银行螺丝钉 （转载请注明出处） 港股恒生指数略微下跌0.57%。港股科技股下跌0.7%。 港股在4月初遇到关税危机，短期大幅下跌。 之后港股连续6周上涨，收复了4月初的跌幅。 最近几个交易日港股出现了小幅波动。 原因还是跟关税有关。 美国联邦法院，本周阻止了特朗普4月2日的关税政策生效。 大家端午安康～ 端午假期马上就要结束了。 假期里A股没有交易，A股的估值也没有变化。 1. 不过港股是有交易的。 周一港股开盘。 不过随后特朗普政府又上诉，让美国联邦巡回上诉法院，暂时恢复关于提高关税的政策。 也由此引发最近几天全球股票市场波动。 例如周一亚太其他地区股票市场也出现波动，日股周一下跌1.3%。 欧美市场周一开盘后也小幅下跌。 2. 关税引发全球股票市场小幅波动，黄金的走势就比较坚挺。 最近黄金跟全球股票市场有明显的负相关。 之前咱们直播课介绍过，黄金跟美元呈现负相关。 点击查看：《 黄金的投资价值如何，现在还能买吗？ 》 美元实际利率提升，或者美元汇率升值，都有可能会黄金不利。 4月初全球股市下跌，黄金就上涨较多； 之后几周，全球股票市场整体反弹，黄金出现最近2-3年最大的短期回撤； 到最近一两周，全 ...

日前，知名经济学家、华福国际CEO兼首席全球资产配置官洪灏线上演讲表示，美元和美国国债不再是避 险资产，未来几年美元将逐渐走弱，甚至变成风险资产，想要保住资金过去几年在美股市场中积累的成 果，就要重新考虑配置到其他非美国家。 这一点正逐渐成为共识。洪灏认为，A股的走势在去年9月份之后再次与避险资产金银趋同，虽然经济基本面 缓慢恢复，但全球资金流入中国资本市场尤其是香港市场，港股流动性变得很充裕，下半年可能还会有一个高 点。 美元美债的避险属性不再 洪灏认为，美元继续走弱，全球资金将逐渐从以美元计价的资产流入非美资产，未来这会逐渐成为共识。A 股、港股从去年9月之后就出现明显的资金流入，尤其是港股市场。 相关数据图表显示，A股和金银的走势历史上看更多是风险资产，2020年之后金银变成了避险资产，尤其金价 一路上涨。而去年9月之后，中国市场的走势也与金银趋同，变成了一种避险资产，表现就是美股跌的时候， A股、港股表现得非常好。 港股市场今年流动性非常充沛，香港金管局的基础货币余额大幅飙升，隔夜利率走低，即资金大量涌入香港市 场，不管是打新还是炒股，海外2万亿—3万亿美元的配置，开始流入到港股市场中。另外，南下资金 ...

Core Viewpoint - The demand for gold as a safe-haven asset has surged due to escalating global tensions, particularly geopolitical conflicts and trade disputes, leading to a significant increase in gold prices [1][4]. Group 1: Geopolitical Tensions - Gold prices rose over 2% on Monday, primarily due to Ukraine's drone attacks on Russia, which extended to airports in Eastern Siberia, and Russia's extensive retaliatory strikes on Kyiv [4]. - The ongoing conflict has heightened concerns regarding the prospects for peace negotiations between Russia and Ukraine [4]. - The U.S.-China trade relationship has also shown new signs of tension, with accusations of violations of trade agreements and threats of increased tariffs on steel and aluminum imports by the U.S. [4]. Group 2: Market Dynamics - The increase in geopolitical tensions has led to a decline in the U.S. dollar index, making gold more attractive to buyers using other currencies [4]. - Despite a retreat from the historical high of $3,500 per ounce in April, gold prices have still increased by over 25% year-to-date [7]. - Goldman Sachs indicated that gold will continue to serve as a hedge against inflation in long-term investment portfolios, alongside oil [7]. Group 3: Economic Indicators - Upcoming U.S. labor market indicators, including the May employment report, are expected to significantly influence Federal Reserve monetary policy [7]. - The release of economic data may further impact gold prices, which are currently influenced by geopolitical tensions [11]. - Investors are advised to monitor both geopolitical developments and economic data to make informed investment decisions [11].