According to Jinshi Data reports, the divergence in fund managers' positions in the gold market reflects the complexity of gold pricing logic. With the implementation of tariff expectations, the risk premium for gold may temporarily decline, and the demand for profit-taking by investors will disturb the market.
CITIC Prudential Global Commodity Thematic Fund manager Guo Fan Ding pointed out that the volatility of gold comes from the Federal Reserve's monetary policy, overseas economic trends, and geopolitical issues. Last year, the Federal Reserve ended interest rate hikes, and there may be differences in the pace of rate cuts this year. Trump's reform policies have increased uncertainty in the economy and inflation. Although geopolitical issues have eased, uncertainty remains in the future.