智通财经APP获悉，黄金股盘中走高，截至发稿，山东黄金(01787)涨3.04%，报14.24港元；招金矿业(01818)涨2.68%，报12.24港元；紫金矿业(02899)涨1.06%，报15.3港元；灵宝黄金(03330)涨0.96%，报4.22港元。
消息面上，上周，金价周一小幅下跌后实现四连涨，虽然有经济数据放缓及联储官员表态暂缓降息等利空因素，受特朗普贸易政策不确定性影响，避险买盘需求提升，COMEX黄金期货周度收涨2.36%报2717.4美元/盎司。数据方面，美国12月非农新增就业25.6万人，为九个月最大增幅，超出预期值16.5万人，前值从22.7万下修至21.2万；12月失业率为4.1%，低于预期和11月的4.2%。
平安证券分析认为，当前市场对于特朗普上台后的政策兑现预期较高，担忧通胀抬头，降息预期不断下修，这使得金价承压，但是通胀担忧托底金价。目前，降息预期下修空间有限，此时边际变量为通胀预期的变化。特朗普兑现政策决心较强，1月金价在通胀担忧中震荡上行。
天风证券指出，展望2025年，美国债务余额仍在快速上行，进一步弱化美元信用，在推升央行购金需求的同时，美债配置资金的溢出也将为金价上行提供动能；进入降息周期，金价上行空间打开，不过美国偏粘性的通胀或将使降息节奏出现预期上的反复，加剧金价的波动。
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