Everbright Futures 0825 Gold Review: Bessant Intervenes Again to "Rescue the Market," Gold Prices Continue Strong Trend

　　On August 24, COMEX gold continued to climb during trading, surpassing the 4,700 point mark and closing at $4,710.0/ounce, up 0.63%. On the domestic market, SHFE gold night session opened higher but ended lower, closing at 1,005.96 yuan/gram with a gain of 0.61%.

　　On the macro front, as long-term US Treasury yields rose again, US Treasury Secretary Yellen announced the next bond repurchase operation would take place on September 9 and hinted that further such operations would continue. According to Wallstreet Insights, senior officials from the US Treasury stated that the department is considering using nearly $1 trillion from the Treasury General Account (TGA) to fund the recently expanded US bond repurchase program. As a result, US Treasury yields fell slightly, which provided some support for gold prices to some extent.

　　On the geopolitical front, Treasury Secretary Yellen announced a series of economic sanctions against Iran, signaling that the US-Iran negotiation deadlock remains unresolved for now. After US-Canada trade talks collapsed and confrontation escalated, Trump announced that from next year, tariffs on Canadian automobiles, auto parts, and steel would be raised to 50%. The US Treasury increased long-term bond repurchase volumes, and while this suppresses long-term yields, it has also triggered deeper concerns in the market about US dollar credit dilution. This suggests that gold's pricing anchor is shifting from “real interest rates” to “US dollar credit hedging”; central bank gold purchases and the global de-dollarization trend continue to support gold prices, which may remain relatively strong. However, short-term developments need attention: on the 28th, Federal Reserve Chair Powell will deliver his keynote speech at the Jackson Hole annual meeting—if he issues a clear anti-inflation signal, it could prompt a repricing of September rate hike expectations; at the same time, be alert to any sudden escalations in the US-Iran situation after the negotiation window closes.

　　Source: Wind, Everbright Futures Research Institute

　　Author: Shi Yueming

　　Practitioner Qualification: F03097365

　　Trading Consultation Qualification: Z0017563

Editor: Zhu Henan