Group 1: Currency and Economic Outlook - Deutsche Bank analysts predict that Asian currencies may remain "relatively stable or slightly stronger than the dollar" by 2026, supported by good foreign exchange reserves and optimistic macroeconomic conditions in the region [1] - Analysts note that there are no extreme imbalances in trade and fiscal policies, and Asian policymakers are unlikely to encourage significant appreciation of their currencies against the dollar due to ongoing geopolitical risks [1] Group 2: Gold Demand and Market Trends - T. Rowe Price analysts highlight that central bank demand for gold remains strong and largely insensitive to price changes, providing "durable support" for gold as a strategic diversification tool [2] - The macro environment for gold remains favorable, with ongoing policy uncertainty and pressure on the dollar, benefiting gold as an asset outside the fiat currency system [2] Group 3: U.S. Treasury and Market Dynamics - The "Sell America" trade is identified as a key driver behind recent market movements, as investors seek to reduce exposure to perceived risks associated with U.S. policies [2] - U.S. 10-year Treasury yields reached a peak of 4.313%, the highest since August of the previous year, with a closing yield of 4.287% [2] - Factors contributing to the rise in U.S. Treasury yields include the decline in Japanese bonds, tariff threats from Trump, and the momentum from breaking the critical 4.20% technical level [2] Group 4: Japanese Bond Market - Following significant sell-offs, Japan's 30-year bond yields fell by about 20 basis points to 3.71%, although they still increased by 22 basis points for the week [3] - Japanese policymakers are urged to respond quickly as market volatility shows no signs of easing, and recent price rebounds may not be sustainable [3] Group 5: UK Inflation and Economic Projections - The UK inflation rate for December 2025 rose to 3.4%, exceeding the expected 3.3%, while the Bank of England is set to make a decision on interest rates next month [3] - Despite sluggish economic growth, the UK maintains the highest inflation rate among G7 countries, although a significant slowdown in price increases is anticipated in the coming months [3] - Financial markets expect the Bank of England to potentially lower interest rates once or twice in 2026, each by 25 basis points [3]

摘要周三(1月21日)欧盘时段，伦敦金目前交投于4855.30一线上方，截至发稿，伦敦金暂报4862.84美元/ 盎司，上涨2.10%，最高触及4887.82美元/盎司，最低下探4756.81美元/盎司。目前来看，伦敦金短线偏 向看涨走势。 与此同时，ABC Refinery机构市场全球主管尼古拉斯-弗拉佩尔表示，我认为突破金价4800美元进一步 印证了这一观点，即人们不想在5000美元之前卖出黄金。这是支持黄金的多个传统因素共同作用的结 果，包括债务上升、美元疲软和地缘政治不确定性。 【最新伦敦金行情解析】 技术面已发出初步警示信号：4小时收出带长上影线的小阳，表明在连续暴涨后，高位抛压开始显现， 市场需要技术性回调来消化极端超买状态。当前1小时级别斐波那契第一支撑位于4804附近，此处与整 数关口形成共振，可作为激进者博弈技术性反弹的参考点位。 继续关注4830的支撑位。如果该水平守住，则可能出现短期买入机会，目标价位在4880附近。 密切关注4880-4890附近的卖出机会。今晚美盘时段，黄金很可能再次出现大幅回调，目标价位在4790 附近。 周三(1月21日)欧盘时段，伦敦金目前交投于4855.30一 ...

格隆汇1月21日｜T. Rowe Price分析师Matt Bance在一份报告中指出，由于各国央行寻求分散储备，对黄 金的需求持续且基本不受价格影响，黄金或将获得"持久支撑"。他表示，黄金的破纪录涨势凸显了该机 构长期以来对黄金作为战略投资组合多元化工具的积极看法。他还补充道，这也证实了黄金能够增值的 宏观环境依然存在，例如政策不确定性。此外，鉴于美元在"政策制定不稳定"和美联储受到密切关注的 情况下仍面临压力，黄金作为一种游离于法定货币体系之外的资产，也从中受益。他还指出，更广泛的 贵金属板块也呈现强势，其走势"十分显著"，尤其是白银。 ...

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 22 October 2025 | 7:00PM EDT Economics Research Global Markets Daily: Still Structurally Bullish Gold (Thomas/Struyven) Lina Thomas +1(212)902-8376 | lina.thomas@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldma ...