Core Viewpoint - The article highlights the recent fluctuations in gold prices due to easing trade tensions and geopolitical conflicts, with a slight recovery observed after a decline [1] Group 1: Market Performance - As of the close of A-shares, COMEX gold futures traded around $4608 per ounce, with the gold ETF Huaxia (518850) down 0.57%, while the gold stock ETF (159562) rose by 0.87%, and the non-ferrous metal ETF fund (516650) increased by 1.27% [1] Group 2: Policy and Economic Outlook - Following an investigation by the U.S. Department of Commerce, President Trump announced a delay in imposing tariffs on key mineral imports, opting instead to negotiate with foreign entities to ensure a stable supply of critical minerals and reduce supply chain vulnerabilities [1] - Citigroup noted that the precious metals market is experiencing unprecedented high price trends, driven by worsening global geopolitical conditions, uncertainties in global economic outlook and currency values due to the Trump administration, shortages of physical gold and silver, and threats to the independence of the Federal Reserve, all of which provide significant support for precious metal prices [1]