Shenyin Wanguo: The core driving force of this round of precious metals market is threefold logic.

Shenwan Futures believes that the core driving force of the current precious metals market has three main logics: first, the change in US tariff policy impacts the credibility of the US dollar. The US Supreme Court ruled that the Trump administration's large-scale tariff policy is illegal, and shortly thereafter Trump announced a 10% tariff on goods imported to the US, which was later raised to 15%. Concerns about the sustainability of the US fiscal policy and uncertainty in trade policy continue to impact the credibility of the US dollar, providing support for gold; second, tensions in Iran during the holiday period have continued to escalate, significantly boosting demand for gold as a safe haven; third, the risk of stagflation strengthens the anti-inflation properties of gold, with the latest US data showing inflation higher than expected and economic growth slowing down, increasing the attractiveness of gold as an anti-inflation asset. Looking ahead, Shenwan Futures points out that in the short term, the resonance between the tariff ruling and geopolitical tensions will be the driving force, while from a medium-to-long term perspective, factors such as de-dollarization and geopolitical risks will support gold returning to an upward trend.