Core Viewpoint - The geopolitical risks have eased following the announcement of the first phase of an agreement between Israel and Hamas, leading to a decline in gold prices while still remaining near historical highs [1] Group 1: Gold Market Dynamics - Gold prices have dropped in early trading but continue to trade above the historical threshold of $4,000 due to increasing economic and political uncertainties driving investors towards safe-haven assets [1] - Analysts from ANZ Research indicate that concerns over the U.S. economy and potential government shutdown are sustaining investor demand for gold [1] - Strong inflows into ETFs and expectations of further interest rate cuts by the Federal Reserve are also supporting gold prices, with major Wall Street banks suggesting that there is still room for further increases in this precious metal [1]

Core Viewpoint - The European Central Bank (ECB) is prepared to address "exceptionally high" economic and political uncertainties, with a focus on maintaining inflation around the 2% target and acknowledging downside risks to economic growth [1] Group 1: Economic Outlook - ECB President Christine Lagarde emphasized that the eurozone's inflation rate is expected to stabilize near the 2% target [1] - The risks to economic growth are still tilted to the downside, indicating a cautious outlook for the eurozone economy [1] Group 2: Monetary Policy Approach - Lagarde stated that the ECB is in a good position to respond to the uncertain environment at the current interest rate levels [1] - The ECB will adopt a data-dependent and meeting-by-meeting approach to determine appropriate monetary policy stances in light of current uncertainties [1] Group 3: Market Observations - The ECB is closely monitoring fluctuations in the commodity markets [1] - Lagarde noted that the weakness of the US dollar, following President Trump's announcement of comprehensive tariffs, has provided an opportunity for the euro to enhance its international standing [1]

Group 1 - The core viewpoint is that the economic growth outlook faces significant downside risks due to high levels of economic and political uncertainty [1]