Market Overview - International gold is currently trading at $3380.79 per ounce, showing a year-on-year increase of 6.91 and a rise of 0.20% [1] - Recent poor U.S. non-farm data has led the market to bet on a Federal Reserve rate cut in September, driving gold prices significantly higher [1] - Changes in Federal Reserve officials and ongoing global central bank gold purchases are also influencing gold prices [1] - Uncertainties in trade negotiations and geopolitical risks continue to create volatility in gold prices [1] Technical Analysis - Daily chart: Bollinger Bands are opening slowly, with gold prices operating above the middle band; MACD shows a death cross with a potential golden cross forming; RSI indicates oversold conditions with a rebound in the 62-53 range [1] - 4-hour chart: Bollinger Bands are expanding, with gold prices below the upper band; MACD shows a golden cross; RSI indicates overbought conditions with a notable pullback; key support at 3300 and resistance at 3400 [1] - 1-hour chart: Bollinger Bands are opening slowly, with gold prices below the upper band; MACD shows a death cross; RSI indicates overbought conditions with weakening upward momentum; support at 3300 and resistance at 3400 [1] Future Trading Strategy - For aggressive traders, consider buying near the support level of $3300, specifically in the range of $3315-25 [3] - For conservative traders, consider buying at the support level of $3250, specifically in the range of $3270-280 [3] - For aggressive traders, consider selling near the resistance level of $3400, specifically in the range of $3385-80 [3] - For conservative traders, consider selling at the resistance level of $3450, specifically in the range of $3440-30 [3]

Core Viewpoint - The recent fluctuations in gold prices are attributed to a balance of structural factors between bullish and bearish sentiments, with short-term profit-taking and the Federal Reserve's unchanged policy contributing to the current consolidation phase [1][3][6]. Price Movement - After reaching a peak of $3438.80 per ounce, gold prices have retreated below $3300, with a low of $3268.02 on July 30 and a recovery to $3295 by July 31 [1][3]. - Year-to-date, gold prices have shown a significant increase, starting from $2625 per ounce and peaking at $3500, reflecting a maximum gain of over 33% this year, although the current year-to-date increase has decreased to 25.7% [3][5]. Investment Demand - Despite the recent price volatility, global demand for gold investment remains strong, with a reported 477 tons of gold investment demand in Q2 2025, a 78% year-on-year increase [5]. - The inflow into gold ETFs reached 170 tons, with the Chinese market showing record performance, contributing 464 billion RMB (approximately $65 billion) in inflows and an increase of 61 tons in holdings [5]. Central Bank Activity - In Q2 2025, global central banks added 166 tons of gold to their reserves, indicating sustained high levels of gold purchases despite a slight slowdown in pace [5]. - The ongoing geopolitical uncertainties and inflationary pressures are expected to maintain central banks' interest in gold as a safe-haven asset [5][6]. Market Sentiment and Future Outlook - Market sentiment is influenced by changing expectations regarding the macroeconomic environment and monetary policy from the Federal Reserve and other central banks [4]. - Analysts suggest that gold prices are likely to maintain a strong medium to long-term support due to ongoing geopolitical tensions and inflation concerns, although short-term price movements may remain volatile [6][7].

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with four participating investors [2] - The event took place on July 28, 2025, at the company's headquarters [2] - The company representatives included the Board Secretary and Deputy General Manager, He Xiaolin, and Securities Affairs Representative, Rong Huan [2] Group 2: Key Discussion Points - Investors raised questions regarding the impact of gold price fluctuations, industry conditions, and dividend policies [2] - The company ensured compliance with the Information Disclosure Management System, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange requirements during the on-site investigation [2]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey and a site visit [2] - A total of 8 investors participated, including representatives from various funds and securities firms [2] - The event took place on July 24, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about the impact of gold price fluctuations, industry conditions, and the company's business model [2] - Discussions included the brand matrix, product structure, gross margin situation, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2]

Group 1 - The total amount of gold futures in Shanghai Futures Exchange is 29,358 kilograms, with an increase of 501 kilograms compared to the previous day [1][2] - On July 24, the main gold futures opened at 790.98 yuan per gram, reaching a high of 791.22 yuan and a low of 777.66 yuan, closing at 778.74 yuan, reflecting a decline of 1.60% [1][2] - Trading volume for the day was 331,217 contracts, with open interest at 213,456 contracts, showing a decrease of 8,931 contracts in daily open interest [1][2] Group 2 - Gold prices fell due to news of the US and EU nearing a trade agreement similar to that between the US and Japan, with gold prices dropping below $3,400, a decline of 1.3% [2] - The rise in the US 10-year Treasury yield by 3.5 basis points to 4.384% has pushed the real yield to 1.994%, further suppressing gold prices [2] - Market participants are advised to monitor upcoming economic data, including initial jobless claims and durable goods orders, which may impact gold prices [2]

Core Viewpoint - The article discusses the recent volatility in gold prices and questions whether the overall upward trend has changed, highlighting the increasing market anxiety and the search for investment opportunities in this environment [1] Group 1 - Gold prices are experiencing increased volatility, raising concerns about a potential shift in the overall upward trend [1] - Market anxiety is intensifying, prompting investors to seek opportunities amidst the current market conditions [1]

Core Insights - The gold market is experiencing significant volatility, with domestic and international gold prices showing mixed trends, leading to challenging decisions for investors [1][4][5] Price Trends - Domestic gold prices from major retailers such as Chow Tai Fook and Chow Sang Sang have increased, with prices exceeding 1005 yuan per gram, while the gold recovery price has decreased to 759 yuan per gram [2][4] - The international gold price in Shanghai is reported at 770.46 yuan per gram, down by 5.35 yuan, while New York gold prices fell to 3339.610 USD, a decrease of 3.29 USD [4][6] Market Dynamics - The disparity between retail gold prices and recovery prices highlights the risks in gold trading, with significant price gaps observed [2][5] - Factors influencing gold price fluctuations include interest rate expectations, dollar exchange rate volatility, and economic data releases, indicating a complex market environment [4][5] Investment Strategies - Short-term investors are advised to consider profit-taking due to the current price volatility, while long-term investors may find value in holding gold as a hedge against economic instability [5][7] - The market's mixed signals suggest that investors should carefully assess their investment goals and risk tolerance before making decisions [5][7]

Recent Price Fluctuations - As of June 25, 2025, the international gold price is reported at $3322.93 per ounce, a drop of $46 (1.37%) from the previous day, marking a two-week low [1] - Domestic gold jewelry prices have decreased to 1012 yuan per gram, with a daily drop of 8 yuan, while the Shenzhen Shui Bei wholesale market price has fallen to 785 yuan per gram [1] - Compared to early April, when gold prices peaked at 1033 yuan per gram due to risk aversion, the recent cumulative decline exceeds 20% [1] Reasons for the Decline - The easing of tensions in the Middle East, particularly the announcement of a ceasefire agreement between Israel and Iran by Trump, has led to a significant reduction in safe-haven demand [2] - The Federal Reserve's hawkish stance, with Powell indicating the need for more time to assess the impact of tariffs on inflation, has delayed interest rate cuts until September [3] - Technical factors have also played a role, as gold prices fell below the critical support level of $3350, triggering programmatic selling [4] Core Factors Influencing Gold Prices - Geopolitical events and risk aversion have historically driven gold prices, with conflicts in the Middle East causing spikes in gold prices. The recent ceasefire has led to a withdrawal of safe-haven funds [5] - The Federal Reserve's cautious approach and a strong dollar are putting downward pressure on gold prices [6] - The U.S. fiscal deficit, potentially increased by Trump's "big and beautiful" plan by $2.8 trillion, could be a long-term positive for gold [7] - Inflationary pressures from tariffs, with an average U.S. tariff rate of 16%, are currently exerting short-term pressure on gold prices due to delayed transmission effects [8] Consumption and Investment Trends - Investment options include gold ETFs, which have low entry barriers and high liquidity, making them suitable for ordinary investors [10] - Bank paper gold offers no storage costs and supports regular investment, appealing to long-term savers [10] - Physical gold provides psychological security but comes with high premiums and low liquidity, attracting those with inheritance needs or extreme risk aversion [10] Future Outlook - Short-term (1-3 months): Gold prices are expected to fluctuate within the $3300-$3400 range, with potential breakthroughs dependent on escalations in Middle Eastern conflicts or signals of interest rate cuts from the Federal Reserve [12] - Key observation points include Powell's congressional testimony on June 25 and the stability of the Israel-Iran ceasefire agreement [13][14] - Long-term (2026): Predictions vary significantly, with bullish forecasts from Goldman Sachs and Bank of America suggesting gold could reach $4000 due to central bank purchases and weakening dollar credit, while bearish views from Citigroup predict a drop to $2500 due to weak investment demand [15][16]

Core Insights - The demand for gold as a safe-haven asset has surged due to geopolitical risks, particularly from ongoing conflicts, which are driving short-term price volatility [1] Group 1 - The increase in geopolitical tensions is identified as a short-term catalyst for rising gold prices [1] - There is speculation about potential opportunities for long positions in gold amidst the current market fluctuations [1]

Core Viewpoint - Zhou Dasheng, a well-known Chinese jewelry brand, has successfully passed the Hong Kong IPO hearing, marking a significant breakthrough after three attempts to list on the A-share market [1] Group 1: Company Overview - Zhou Dasheng has established a strong presence in the Chinese jewelry market, offering a diverse range of products, particularly in gold and diamond jewelry [1] - According to Frost & Sullivan, Zhou Dasheng has consistently ranked among the top five jewelry brands in China for eight consecutive years from 2017 to 2024, with a retail network expanding to 4,129 stores by the end of 2024 [1] Group 2: Financial Performance - The company has demonstrated stable growth, with annual revenue increasing from 3.102 billion RMB in 2022 to 5.718 billion RMB in 2024, and net profit rising from 575 million RMB to 706 million RMB during the same period [1] Group 3: Fundraising and Future Plans - The funds raised from the IPO will be allocated to four main areas: expanding the sales network, enhancing brand awareness, improving product supply capabilities, and supporting general corporate purposes [3] - Zhou Dasheng plans to open a total of 40 new self-operated stores from 2025 to 2027, with 12, 13, and 15 stores planned for each respective year [3]