Group 1 - The core concept of interest rate policy is crucial for understanding its impact on the spot gold market, especially for novice investors [1] - Interest rate adjustments by central banks, such as the Federal Reserve, are influenced by various factors including economic growth, inflation, and employment conditions [1] - When economic growth slows, central banks may lower interest rates to stimulate activity, while rising inflation may lead to rate hikes to control prices [1] Group 2 - The impact of interest rate policy on spot gold prices is primarily seen through the substitution effect between interest rates and gold [2] - As a non-yielding asset, gold becomes less attractive when interest rates rise, leading investors to prefer higher-yielding assets, which can put downward pressure on gold prices [2] - Conversely, when interest rates fall, the holding cost of gold decreases, enhancing its appeal as a safe-haven asset, potentially driving prices up [2] Group 3 - Selecting a suitable trading platform can optimize investment strategies for investors in the gold market [3] - Huangyu Global, as a renowned international precious metals trading platform, offers a superior trading experience with 24/7 service, allowing investors to respond to market dynamics promptly [3] - The platform's professional analyst team provides market analysis and insights, helping investors understand trends and make informed decisions in complex market environments [3]

Group 1 - The Federal Reserve's interest rate decisions significantly impact both the U.S. and global economies, balancing inflation control and employment promotion [1] - The Federal Open Market Committee consists of 12 members who vote on interest rate adjustments based on economic data such as GDP, CPI, and unemployment rates [1] - Interest rate policies have a "domino effect" on global capital markets, influencing the dollar and exchange rates, stock and bond markets, and commodity prices [1] Group 2 - An increase in interest rates typically strengthens the dollar, attracting international capital back to the U.S., while a decrease weakens the dollar, benefiting risk assets and currencies of commodity-exporting countries [1] - High interest rates can suppress corporate financing and consumer credit, potentially leading to a correction in U.S. stock markets, while low rates can stimulate stock market growth but may create asset bubbles in the long term [1] - Gold prices are negatively correlated with the dollar index, with significant fluctuations observed during periods of aggressive interest rate changes by the Federal Reserve [1] Group 3 - During a rate hike cycle, the cost of holding gold increases, leading to a shift of funds from safe-haven assets to interest-bearing assets like U.S. Treasuries, putting pressure on gold prices [2] - In a rate cut cycle, declining real interest rates and expectations of dollar depreciation can significantly boost the demand for gold as a store of value [2] - The platform "领峰贵金属" offers a compliant and secure trading environment, efficient trading tools, and professional services to help investors navigate the changing market conditions [2]

报告日期：2025 年 5 月 6 日 申银万国期货研究所 首席点评：新关税担忧引发市场波澜 中国制造业与非制造业 PMI 环比双降，需求端收缩显著，但生产端仍处相对高位 （49.8%），新出口订单指数下跌至 44.7%，后续出口增长存疑，短期"抢出口" 虽支撑货运量增 1.3%，但外需疲态已显现。内需韧性分化，订单指数微降 2.3%， 消费品行业 PMI 仅降 0.6%，消费支撑力较强。美国一季度 GDP 年化下降 0.3%， 不过自 3 月市场已经对一季度的经济萎缩有一定心理准备。4 月的非农数据显示 美国就业市场仍然强劲，此背景下 5 月美联储大概率继续按兵不动，同时市场对 6 月降息的预期有所降温。关税谈判方面仍未有明显进展，而昨日特朗普表示要 对非美国制作影片征收 100%关税引发关税规模再度升级的担忧。 重点品种：原油、贵金属、铜 原油：欧佩克及其同盟八国进一步加快增产，引发对更多供应的担忧，欧美原油 期货继续下跌。八个参与国将在 2025 年 6 月从 2025 年 5 月所需的生产水平开始 实施每天 41.1 万桶的生产调整，这相当于三个月的增量。欧佩克及其减产同盟 国八国加速减产的决定公布后 ...

Group 1 - The article discusses the anticipation surrounding the upcoming U.S. non-farm payroll report and its potential impact on the market [1] - It highlights the significance of the non-farm employment data in relation to the Federal Reserve's upcoming monetary policy decisions [1] - The article encourages participation in a contest related to the April non-farm employment numbers, offering prizes for accurate predictions [1]