8月13日欧洲交易时段，黄金市场激战正酣，多空博弈激烈，黄金价格走势扑朔迷离却维持微妙平衡。 现货黄金未借前日反弹契机，于亚洲时段窄幅震荡；白银连涨两日，突破38美元后持续上扬。中美贸易 缓和、美俄斡旋乌局等利好提振风险偏好，抑制贵金属避险需求。市场聚焦美联储FOMC成员讲话寻线 索。 【要闻速递】 美国劳工统计局于周二发布的数据显示，7月份总体消费者价格指数（CPI）的年率维持在2.7%的水平 未变。不过，剔除食品与能源价格后的核心CPI表现超出市场预期，其同比增长率由6月的2.9%攀升至 3.1%。 展望未来，市场焦点将依次转向周四公布的美国生产者价格指数（PPI）及周五发布的密歇根大学消费 者信心指数初值。鉴于当前基本面环境呈现多空交织态势，投资者在进行进一步看涨布局前仍需保持审 慎态度。 【技术分析】 现货黄金（伦敦金）：从技术层面剖析，除前一日意外急跌外，本周初起黄金/美元便在惯常区间震 荡。鉴于此前自3400美元上方大幅回落，当前区间波动或属看跌盘整期。小时图与日线图的负向震荡指 标显示，下行乃阻力最小路径。稳妥起见，在跌至3243美元整数位前，宜静候低于3242 - 3243美元区域 （H200 ...

Group 1: Precious Metals Market Overview - The precious metals market showed significant divergence, with gold prices dropping from $3330 to a low of $3310 due to a stronger dollar and reduced rate cut expectations [1] - Silver, on the other hand, increased by 0.55% but faced resistance at the $38 level [1] - Despite strong economic data and rising U.S. stock markets, global economic weakness continues to provide support for precious metals [1] Group 2: U.S. Tariff Policy and Economic Impact - The Trump administration's tariff policy is a focal point, with Japan negotiating to avoid a 25% tariff, which will take effect if no agreement is reached by August 1 [2] - June import prices rose by only 0.1% month-on-month, lower than the expected 0.3%, indicating that foreign exporters have not fully absorbed tariff costs [2] - The increase in import prices suggests a direct impact of tariffs on prices, potentially raising inflation expectations further [2] Group 3: Technical Analysis of Gold - Current short-term support for gold is at $3337, with other indicators showing a bullish arrangement, although the overall trend appears to be downward [3] - Key support is noted around $3320, with strong support at the $3300 level if prices drop further [3] - Resistance levels to watch include $3358-$3360, with a breakthrough potentially leading to testing $3377 [3] Group 4: Technical Analysis of Silver - Silver prices are currently consolidating around the $38 level, with a daily close above this level opening the door for upward recovery [4] - The Relative Strength Index (RSI) indicates that buyers are in control, but a flat RSI slope suggests a lack of catalysts for establishing new positions [4] - For a bullish outlook, silver must break above $38.50, with subsequent targets at $39.00, $39.50, and $40.00 [4]

湖北日报讯（记者王艳华）7月9日，现货黄金（伦敦金）跌至一周多来的最低点3282美元/盎司。7月10日，国际金价迎来上涨。截至下午5点，现货黄金来 到3329美元/盎司左右，较昨日上涨0.49%；COMEX黄金来到3334.9美元/盎司左右，较昨日上涨0.42%。 对于黄金未来走势，有机构认为，中长期来看黄金价格逻辑依然坚挺。从各国央行的黄金储备来看，根据6月17日世界黄金协会发布的调查数据显示，高达 95%的受访央行认为，未来12个月内全球央行将继续增持黄金。而我国央行连续8个月增持黄金，6月末黄金储备为7390万盎司（约2298.55吨），环比增加7 万盎司（约2.18吨），2025年5月末为7383万盎司。避险、投资以及价值储备是全球央行持续购买黄金的核心驱动力。 年初以来猛涨的黄金，进入5月后，受国际经济、地缘政治、美元指数和美国财政赤字等因素影响，国际金价走出了一条跌宕起伏的曲线。从现货黄金今年 的走势来看，今年1月现货黄金价格在2600美元/盎司左右，在4月下旬一度冲高到3500美元/盎司，进入5月后长期在3300美元/盎司徘徊。 | 3313.020 开盘 3329.200 | | 昨结 | | ...

Core Viewpoint - The focus of global investors in 2025 is on gold trading, with international gold prices surpassing $3000 per ounce for the first time this year, leading to a surge in domestic gold jewelry prices to 1007 yuan per gram, indicating a new high in gold investment enthusiasm [1] Group 1: Physical Gold - Physical gold, including gold bars, coins, and jewelry, is a traditional and stable investment method, with prices around 986 yuan per gram for investment bars and 1028 yuan per gram for branded jewelry in 2025 [3] - The advantages include tangible security in extreme risk scenarios, but investors must bear a processing premium of 5%-15% and additional costs during repurchase [3] - Suitable for risk-averse investors, with a recommended allocation of no more than 10%-20% of total assets [4][5] Group 2: Spot Gold - Spot gold, or London gold, is a high liquidity trading tool that allows leveraged trading through electronic platforms, supporting T+0 trading and profit from both rising and falling markets [6] - The main platforms have a spread of $0.2-$0.5 per ounce in 2025, offering high capital utilization but also amplifying risks [6] - Gold Rong China, a compliant platform, holds an AA license from the Hong Kong Gold Exchange and offers features like real-time market analysis and negative balance protection, suitable for flexible trading investors [7] Group 3: Gold Futures - Gold futures contracts on the Shanghai Futures Exchange correspond to 1000 grams of gold, with a margin requirement of 13% in 2025, where a 1% price fluctuation results in a ±8% change in margin [9] - Investors must close positions before contract expiration to avoid physical delivery, and it is recommended that funds allocated do not exceed 20% of total positions, targeting institutional investors with arbitrage and hedging experience [10] Group 4: Gold ETFs - Gold ETFs are low-threshold financial derivatives traded through securities accounts, tracking domestic gold spot prices with management fees of only 0.15%-0.6% and supporting T+0 operations [11] - Each unit corresponds to 1 gram of gold, providing strong liquidity without storage costs [11] - A diversified risk strategy suggests allocating 10%-15% of the portfolio to gold to optimize risk-return ratios, with historical data showing a 20-year compound return rate of 9.3% for long-term investments [12][13] Group 5: Paper Gold and Accumulated Gold - Paper gold allows virtual trading through bank accounts, starting from 1 gram (approximately 800 yuan), with a spread of 0.4-0.8 yuan per gram [15] - Accumulated gold supports regular investment with an annual return of 5%-9%, presenting no leverage risk, making it suitable for family asset allocation [15] Group 6: Investment Principles - The core of gold investment lies in constructing a stable portfolio through reasonable channels, whether through physical gold or compliant platforms like Gold Rong China, emphasizing risk control to seize long-term value opportunities [16] - Recommended principles include maintaining a gold allocation of 10%-20% to hedge against stocks and bonds, adopting a long-term perspective to avoid short-term speculation, and selecting tools based on risk tolerance [17]

Core Viewpoint - The article discusses the volatility of gold prices and its role as a safe-haven asset, contrasting it with the stock market and highlighting the lack of a universally accepted valuation model for gold [1][3]. Group 1: Gold Market Dynamics - Gold experienced significant fluctuations, dropping $31.13 on April 26 but recovering to maintain a price above $3300, reflecting its dual nature as both a safe-haven asset and a speculative investment [1]. - The recent surge in gold prices, approximately 30% over four months, is attributed to factors such as the decline of the US dollar and geopolitical uncertainties, particularly events related to former President Trump [3]. Group 2: Investment Risks and Characteristics - Gold does not generate interest or dividends, which poses risks for investors, particularly those buying at high prices, due to time cost and price volatility [3]. - The lack of a recognized valuation model for gold increases uncertainty for high-level investments, making it essential for investors to be cautious [3]. Group 3: Types of Gold Investments - Gold investment can be categorized into three main types: 1. Physical gold, including gold bars and coins, which has high purity but incurs storage and insurance costs [5]. 2. Financial derivatives, such as paper gold and gold futures, which offer lower entry costs but come with higher risks and require market knowledge [5][7]. 3. Securities like gold ETFs, which track gold prices and have lower transaction fees but may not provide immediate liquidity [11][12]. Group 4: Investment Strategies and Considerations - Choosing the right gold investment method is crucial, with physical gold being suitable for long-term holding and financial investments being more accessible but riskier [7]. - Gold futures and options provide leverage but also entail significant risks, requiring professional knowledge and experience to navigate effectively [10].