沪金下跌点评

Group 1: Report Industry Investment Rating - The long - term outlook for the gold price remains relatively optimistic [5] Group 2: Core Viewpoints of the Report - Today, since the early morning session, the price of Shanghai gold has declined by over 5% from yesterday's high. The market interprets Trump's "softening" on issues like the Fed Chair's tenure and trade policy as a sign of improvement in trade disputes, leading to the current decline in gold prices [4] - Although Fed Chair Powell is cautious about future interest - rate cuts, the market prices in nearly 80 basis points of Fed rate cuts by the end of the year according to the federal funds rate futures. Coupled with concerns about re - inflation, the future direction of real interest rates is likely to be downward [4] - For current operations, those with heavy long positions at high levels are advised to partially stop losses, with the lower range initially set at 760 yuan/gram. Attention should also be paid to overseas liquidity risks from May to June [4] - In the long run, gold is a relatively irreplaceable major asset, and its role in optimizing investment portfolios during interest - rate decline cycles is undeniable [5] Group 3: Summary by Related Content - Price Movement and Reason: The Shanghai gold price dropped by over 5% from yesterday's high. The market believes Trump's "softening" on some issues indicates an improvement in trade disputes, causing the gold price to fall [4] - Interest - Rate Outlook: The market anticipates nearly 80 basis points of Fed rate cuts by the end of the year, and real interest rates are likely to decline due to re - inflation concerns [4] - Operation Suggestion: Those with heavy long positions at high levels should partially stop losses, with the lower range set at 760 yuan/gram. Overseas liquidity risks from May to June need attention [4] - Long - term Outlook: Gold is an irreplaceable major asset, and it can optimize investment portfolios during interest - rate decline cycles, so the long - term outlook for gold prices is optimistic [5]