According to the Huatai Securities Research Report, gold has risen by more than 10% since the beginning of the year and reached a record high. We believe that the direct reason for the short-term rise in gold prices may be that COMEX gold futures now have a large premium over London gold due to tariff concerns, and forced position+cross-market arbitrage has spawned a large demand for gold purchases. Before tariff uncertainty was implemented, gold was still on trend, but as speculative bulls became more crowded, risks also accumulated accordingly, so it is recommended to maintain operational flexibility. On a macro level, it is recommended to focus on Trump's tariff policy, changes in the geographical situation, and US economic data; on a micro level, focus on indicators such as gold loan interest rates, COMEX - London gold price spread, COMEX inventory, and long and short futures positions to capture marginal changes in sentiment.

According to the Huatai Securities Research Report, gold has risen by more than 10% since the beginning of the year and reached a record high. We believe that the direct reason for the short-term rise in gold prices may be that COMEX gold futures now have a large premium over London gold due to tariff concerns, and forced position+cross-market arbitrage has spawned a large demand for gold purchases. Before tariff uncertainty was implemented, gold was still on the same trend, but as speculative bulls became more crowded, risks also accumulated accordingly, so it is recommended to maintain operational flexibility. On a macro level, it is recommended to focus on Trump's tariff policy, changes in the geographical situation, and US economic data; on a micro level, focus on indicators such as gold loan interest rates, COMEX - London gold price spread, COMEX inventory, and long and short futures positions to capture marginal changes in sentiment.