Core Viewpoint - Concerns over the credibility of U.S. policies and fiscal sustainability are driving capital flows back to Asia, as investors seek to diversify away from U.S. dollar assets [1] Group 1: Capital Flows - The fear of a slowdown in the U.S. economy has led to a sell-off of U.S. Treasuries and the dollar, prompting investors to look for non-dollar assets [1] - De-dollarization is particularly beneficial for Asian economies, allowing central banks to ease policy rates due to strong regional currencies [1] Group 2: Investment Opportunities - The return of capital to Asia is expected to significantly boost Asian markets, as entities in Asia hold approximately $8.6 trillion in U.S. equities and fixed-income assets [1] - AllianzGI is optimistic about economies that are demand-driven and open to interest rate cuts, particularly highlighting China, India, and Australia as favorable investment destinations [1]

操作策略及建议： 1.3360附近做多，止损3352， 目标3392-3412 黄金消息面：周四（6月5日）美盘时段，现货黄金价格显著回落至3359.5美元/盎司附近交投，然而整体走势依然保持强势。虽然美元的小幅反弹对金价上 行构成一定制约，但支撑因素依然稳固，包括美联储降息预期、美债收益率下行、美国财政担忧以及持续的贸易和地缘政治风险。当前市场观望氛围浓厚， 注意力高度集中于即将发布的非农就业数据。从技术角度看，黄金短线仍有上行潜力，若能有效突破3385美元阻力位，则有望打开进一步上涨空间。全球经 济环境的不确定性，特别是美国服务业意外萎缩、就业数据表现疲软以及特朗普政府新关税政策带来的冲击，均为金价提供了强劲的上行动能。此外，大国 间紧张关系、欧美贸易谈判的进展以及市场对美联储降息预期的持续升温，进一步激发了黄金市场的买盘热情，使得金价冲击3400美元重要关口的可能性有 所增加。 黄金走势分析：黄金当前持稳于日线布林中轨（3355）上方，但布林轨道未开口，暗示上行空间受限于前高及上轨阻力3405附近，不宜过分看涨；今天晚上 突破3400至3404，需关注价格能否形成均线多头排列以开启单边趋势。4小时周期显 ...

Core Insights - Concerns over U.S. fiscal policy and a weakening dollar are driving gold prices up, potentially leading to the largest weekly gain in over a month [1] - The gold market is experiencing a net outflow, reaching the highest level since 2013, raising questions about future price trends [1] Group 1 - The increase in gold prices is attributed to U.S. fiscal worries and a declining dollar [1] - Gold is on track for its largest weekly gain in more than a month [1] - The market has seen a net outflow that is the highest since 2013 [1] Group 2 - Future price trends of gold remain uncertain amid these developments [1]