金荣中国：现货黄金自隔夜上涨高位有所回吐，目前交投于3221美元附近

Group 1 - The core viewpoint of the article highlights the significant volatility in the gold market, driven by geopolitical tensions and disappointing U.S. economic data, leading to a surge in gold prices [1][4][5] - Gold prices experienced a dramatic reversal, initially dropping nearly 2% to $3120.64 per ounce before rebounding to close at $3239.58 per ounce, marking a daily increase of nearly 2% with a fluctuation exceeding $100 [1] - The postponement of peace talks between Russia and Ukraine contributed to a return of safe-haven buying in gold, as market expectations for a quick resolution diminished [1][4] Group 2 - U.S. economic data released on May 15 showed a significant downturn, with the Producer Price Index (PPI) unexpectedly falling by 0.5%, retail sales growth plummeting from 1.7% to 0.1%, and manufacturing output declining by 0.4%, all of which exceeded market expectations [1][3] - The disappointing economic indicators led to a sharp decline in U.S. Treasury yields, with the 10-year yield dropping by 11 basis points to 4.435%, marking the largest single-day drop since March 28 [1][3] - The dollar index fell by 0.2% to around 100.82, creating a more dovish outlook for the Federal Reserve's monetary policy and increasing expectations for potential interest rate cuts [3] Group 3 - The geopolitical landscape remains tense, with the Russia-Ukraine conflict showing no signs of resolution, as high-level meetings were downgraded and expectations for progress diminished [4][5] - The article emphasizes the intertwining risks of economic recession in the U.S. and ongoing geopolitical tensions, which may complicate the outlook for gold prices [5] - Traders are advised to monitor upcoming economic indicators, including the preliminary consumer sentiment index and import price index, as well as developments in the Russia-Ukraine talks [5]