Core Viewpoint - The recent decline in gold prices is attributed to a stronger US dollar and tightening monetary policy, which has shifted investor sentiment away from gold as a safe-haven asset [1][3][10]. Group 1: Market Dynamics - The US dollar index has risen from around 102 points at the end of last year to nearly 105 by July, driven by the Federal Reserve's continuous interest rate hikes and asset reduction [3]. - The expectation of a slowdown in the US economy, indicated by anticipated lower job growth in July, has paradoxically led to a stronger dollar, further pressuring gold prices [3][5]. - Average hourly wages in July are expected to rise, suggesting persistent wage inflation, which supports the dollar's strength and negatively impacts gold [5]. Group 2: Technical Analysis - Gold prices are hovering around $3,280, with key moving averages showing signs of losing bullish momentum, indicating a bearish outlook [6]. - Support levels for gold are identified at $3,281, $3,268, and $3,246, while resistance levels are at $3,311, $3,328, and $3,345, suggesting a challenging environment for gold to recover [7]. Group 3: Global Economic Context - The US economy shows signs of slowing down, with a second-quarter GDP growth rate of only 2.1%, below the expected 2.4%, indicating potential easing of inflation pressures [8]. - Economic conditions in Europe and China are also affecting market dynamics, with the European Central Bank adjusting interest rates and China undergoing a manufacturing transformation [8]. - The ongoing monetary policy adjustments globally are leading to a stronger dollar, which is impacting gold's appeal as an investment [8][10].

巴西央行：在预期未被锚定的环境下，确保通胀趋向目标需要采取大幅收紧的货币政策，并持续相当长 的时间。 ...