Group 1 - The China Securities Index for the gold industry (931238) decreased by 1.31% as of May 27, 2025, with mixed performance among constituent stocks [1] - Mingpai Jewelry (002574) led the gains with an increase of 10.08%, while Northern Copper (000737) experienced the largest decline at 2.72% [1] - The Gold Stock ETF (159322) fell by 1.46%, with the latest price at 1.15 yuan, but showed a weekly increase of 6.38% as of May 26, 2025 [1] Group 2 - Citi's commodity analysts predict that gold prices will trade between $3,100 and $3,500 per ounce in the next three months, an increase from their previous estimate of $3,000 to $3,300 [2] - The China Securities Index for the gold industry (931238) includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in mainland China and Hong Kong [2] - As of April 30, 2025, the top ten weighted stocks in the index accounted for 69.64% of the total, including Shandong Gold (600547) and Zijin Mining (601899) [2]

Group 1 - International gold prices continue to weaken as market concerns over global trade conflicts diminish following Trump's decision to delay high tariffs on the EU until July 9 [1] - The market's reaction to the delay in tariffs has reduced demand for gold as a safe-haven asset [1] - The Federal Reserve's cautious stance on interest rates has led traders to withdraw bets on a rate cut in June, with expectations now shifting towards a pause until the July meeting [2] Group 2 - Trump announced the cancellation of the planned 50% tariffs on EU goods set to take effect on June 1, following a conversation with EU Commission President Ursula von der Leyen [2] - The extension of trade negotiations until July 9 indicates a potential easing of trade tensions between the US and the EU [2] - Gold prices faced pressure after a significant spike the previous week, with current support levels noted around $3,330 or $3,320, and resistance levels at $3,360 or $3,390 [3]

Core Viewpoint - Citigroup has raised its three-month gold price target to $3,500 per ounce due to ongoing uncertainties such as Trump's trade war, geopolitical risks, and the state of U.S. finances, which have reignited demand for safe-haven assets [1] Group 1 - The adjustment in gold price target reflects the impact of geopolitical tensions and trade policies on market sentiment [1] - The demand for safe-haven assets is expected to increase as uncertainties persist in the global economic landscape [1] - Citigroup's revised target indicates a significant bullish outlook on gold prices in the near term [1]

Group 1 - The A-share market experienced a slight increase followed by a decline, with average daily trading volume dropping to 1.18 trillion yuan, reflecting limited short-term policy expectations and uncertainties from external shocks [1] - The market style performance showed that consumption outperformed, followed by cyclical, financial, and growth sectors, with most industries declining [1] - Despite external pressures, domestic economic resilience is expected to support the market, with positive developments in US-China trade negotiations anticipated to bolster the domestic economy in Q2 [1] Group 2 - The ongoing US-EU trade friction is expected to benefit safe-haven assets and companies with high export ratios to Europe, while the potential for increased tariffs on European goods may lead to heightened trade tensions [2] - The technology growth sector, particularly in AI, robotics, innovative pharmaceuticals, and military industries, is anticipated to perform well following earnings reports, despite recent pullbacks in self-sufficient sectors [2] - The market may react positively to perceived risks, with potential for increased pressure from the US on the EU, which could ultimately favor safe-haven assets [2]

实时数据：5月26日亚盘早市，现货黄金延续上周五跌势，日内最低触及3331.38美元/盎司，较上周五收盘价3356.21美元/ 盎司下跌约0.23%。 | 昨收 | 3356.21 | 最高 | 3356.81 | | --- | --- | --- | --- | | 开盘 | 3356.18 | 最低 | 3331.38 | | 买入 | 3348.63 | 卖出 | 3348.83 | 一、特朗普政策反复无常，贸易风险持续扰动市场 交易策略：详情请见专栏《独家观点》 尽管短期波动加剧，但黄金长期牛市根基未改。美国联邦债务突破36万亿美元，穆迪下调美国主权信用评级，叠加关税可 能推升通胀至3.0-3.5%，黄金作为抗通胀和避险资产的需求持续增强。此外，央行购金和ETF资金流入提供长期支撑， 2025年金价仍有望冲击3400美元/盎司。投资者可利用回调机会逐步布局中长期多单，止损参考3300美元关键支撑。 风险提示：以上分析基于公开信息，不构成投资建议。市场有风险，交易需谨慎。 二、美联储会议纪要与PCE数据成关键节点 本周市场将聚焦两大核心事件： 美联储5月会议纪要（5月29日）：市场预期纪要将披露美联储 ...

Core Viewpoint - Gold prices are experiencing slight pressure due to a delay in high tariffs on the EU announced by President Trump, which has reduced market concerns over global trade conflicts and subsequently weakened demand for gold as a safe-haven asset [2] Group 1: Market Dynamics - As of May 26, gold prices reported at $3347.54 per ounce, with a decline of 0.28%, reaching a high of $3356.32 and a low of $3331.05 during the session [1] - The overall trend for gold last week was a volatile upward movement, with a weekly low of $3204 and a high of $3365, closing the week at $3359 [2] Group 2: Influencing Factors - The delay in tariff implementation has temporarily pressured gold prices, but concerns over global inflation and the U.S. fiscal outlook continue to support gold's value [2] - Moody's downgrade of the U.S. long-term credit rating from "AAA" to "AA1" has increased the attractiveness of gold as a safe-haven asset, putting additional pressure on the dollar [2] - Analysts predict that gold prices will continue to rise, influenced by the U.S. rating downgrade, ongoing gold purchases by major Asian countries, and trade-related anxieties [2]

北京时间5月2 6日早上，美股期货拉升，纳指期货涨幅扩大近1%。 | W | 纳斯达克100期货小型 | | | --- | --- | --- | | | NO.CME | | | 21145.25 | 昨结 20975.00 开盘 | 20978.00 | | +170.25 +0.81% | 出版 9566 现手 | 1 | | 最高价 21229.25 | 持 仓 0 外 盘 4642.00 | | | 最低价 20954.25 | 增 仓 -27.58万 内 물 | 4924.00 | | 结算价 | 估结值 0.00 基 差 | 0.00 | | स्त्रीय | 五日 日Ｋ 周Ｋ 月Ｋ 更多 | | | 叠加 | 盘口 | | | 21229.25 | 1.21% 卖1 21145.25 1 | | | | 买1 | 21144.00 2 | | 20975.00 | 0.00% | 17:42 21145.75 1 | | | 17:42 21146.00 | 1 | | | 17:42 21144.25 | 7 | | | 17:42 21143.50 | 7 | | | | 17:42 ...

金老虎：川普岂是池中物，一加关税便化龙 沉浸太长时间，内心总是憋着一种气，路走太多了，总是去用经验去判断认定一件事情，高山流水觅知 音，低谷徘徊知真心，你总是做梦去想象怎么做好一段行情，规划每天盈利的计划，但是现实总是盈利 跑的快，亏损扛的时间长，迷茫的思维是循规蹈矩的磨盘，反复去做一件事情不去反思和思考，隔阂还 有差距会成为一个人难以逾越的城墙； 1：通胀担忧：尽管 5 月 21 日路透调查显示美国 2025 年 CPI 预期下调至 3.1%，但仍高于美联储 2% 的目标。市场对长期通胀压力的担忧促使市场将黄金作为抗通胀资产配置，尤其是在关税政策可能推高 物价的背景下； 黄金思路回顾及下周策略预测 本周金价整体走了连阳攀升的上升形态，从3202-3365；一周的时间也是波动了163美金，想当于每天平 均波动差不多33美金；本周金价这么大的波动，主要原因还是以下几点： 1：穆迪下调美国信用评级：5 月 19 日，国际评级机构穆迪将美国主权信用评级从 AAA 下调至 AA1， 这一事件直接冲击市场信心。评级下调反映出对美国债务和赤字问题的担忧，导致市场风险偏好下降， 转而寻求黄金作为避险资产。当日黄金价格因避险 ...

今年4月初，在美国总统唐纳德·特朗普宣布"解放日"关税，引发全球金融市场动荡后，加密货币交易员 一度担心，比特币价格会跌到什么程度。 "需求暴增" 风险资产如股票和加密货币遭到抛售，比特币一度跌至接近7.4万美元，较1月20日特朗普宣誓就职时创 下的历史高点10.94万美元暴跌32%。 然而，仅仅六周后，全球最大加密货币便强势反弹并创下新高，首次突破11.1万美元。随着特朗普的贸 易战持续动荡，比特币正逐步演变为类似黄金的"避险资产"，吸引了大量寻求避风港的投资者。 "我们坚信，比特币正越来越脱离对风险资产的联动，开始表现得像一个独立、可靠的资产配置工具， 尤其是在不确定时期，"MHC Digital Group全球市场主管Edward Carroll表示。 他指出，尽管20年期美国国债拍卖不佳导致债券价格暴跌，引发市场对美国巨额赤字威胁其避险地位的 担忧，但比特币却在隔夜交易中逆势上涨。与此同时，美股下跌，美元兑多数主要货币走软。 比特币目前的走势更贴近黄金，本周金价上涨4%，至每盎司约3325美元，逼近上个月创下的历史新 高。 澳洲投资者也在前所未有地涌入加密货币市场。截止5月21日的一周内，当地比特币E ...

Market Overview - The U.S. stock market continues to decline, with the Dow, Nasdaq, and S&P 500 all experiencing a cumulative drop of over 2% for the week [3] - Major tech stocks, including Apple, saw significant losses, with Apple dropping over 3% in a single day and nearly 7.6% for the week, marking its largest weekly decline of the year [3] - Trump's announcement of a potential 25% tariff on phones not produced in the U.S. directly impacts Apple, raising concerns about supply chain costs [3] Commodity and Safe-Haven Assets - Traditional industrial metals and gold have surged, with U.S. Steel rising 21% in a single day due to news of a partnership with Japan's Nippon Steel [3] - Gold prices increased significantly, with spot gold rising 4.83% and futures up 5.4% for the week, driven by heightened market risk aversion [3] - The Philadelphia Gold and Silver Index soared by 7.7%, while copper prices also rose nearly 4% [3] Chinese Concept Stocks - The Golden Dragon Index for Chinese stocks saw a slight increase of 0.05%, but individual stock performance varied widely [4] - Bilibili rose by 3%, while Miniso plummeted by 17%, and companies like NIO and Xpeng also faced declines, likely due to weak consumer data [4] Bond Market Dynamics - The U.S. 10-year Treasury yield dropped from 4.6% to 4.44% following Trump's comments but rebounded by the end of the week, indicating market uncertainty regarding trade tensions [5] - The 30-year Treasury yield increased by over 9 basis points for the week, suggesting a divergence in institutional views on inflation and economic outlook [5] Currency and Oil Market - The offshore RMB reached a high of 7.17, the strongest since November, attributed to a weaker dollar [5] - Oil prices, including WTI and Brent, ended a streak of gains, falling over 1% due to OPEC+ plans to potentially increase production by 410,000 barrels per day in July [5] Investment Strategy Insights - The current market environment is characterized by volatility due to high valuations in tech stocks and trade tensions, suggesting a need for careful investment strategies [5] - There is a growing interest in traditional manufacturing and safe-haven assets, indicating potential long-term investment opportunities [5]