Macro News - The Trump administration is considering Scott Pruitt as a potential successor to Jerome Powell as the next Federal Reserve Chairman, with Powell's term ending in May 2026 [3] - Fitch Ratings warns that rising trade tariffs and policy uncertainty will weaken global growth prospects and increase risks of tightening financing conditions [3] - The escalation of the global trade war and uncertainty regarding tariffs pose significant negative shocks to the global economy, affecting trade volumes, supply chains, investments, and international relations [3] Gold Futures Analysis - Gold futures prices are currently up, with the latest price at 777.88 yuan per gram, reflecting a 0.60% increase [4] - The highest price reached today is 779.76 yuan per gram, while the lowest is 774.02 yuan per gram [4] - Resistance levels for gold are identified between 800-810 yuan per gram, with support levels between 740-750 yuan per gram [4]

Core Viewpoint - The international gold market experienced significant volatility during the May Day holiday, with spot gold prices dropping over $50 in a single day, falling below $3240 per ounce, and showing a cumulative decline of over 5% from historical highs [1] Group 1: Market Dynamics - The sharp decline in gold prices was influenced by multiple factors, including a easing of international trade tensions, as the U.S. is set to announce the first batch of trade agreements and potentially lower some tariffs, which alleviated global economic risk concerns and suppressed gold's safe-haven appeal [1] - Investor profit-taking due to heightened fear of high prices further exacerbated the drop in gold prices [1] Group 2: Regulatory Response - Regulatory bodies acted swiftly in response to the volatility, with the Shanghai Futures Exchange and Shanghai Gold Exchange adjusting trading fees, margins, and price limits for gold futures to mitigate market risks [1] - Several banks issued urgent warnings, advising investors to approach precious metal investments with caution due to increased volatility [1] Group 3: Future Outlook - Despite short-term pressure on gold prices, there remains a divergence in market sentiment regarding future trends, with some economic data suggesting a potential resurgence of safe-haven demand, while expectations of Federal Reserve interest rate cuts could provide upward momentum for gold [2] - Long-term support factors for gold prices include continued accumulation by global central banks, geopolitical uncertainties, and expectations of a weakening U.S. dollar, which may drive prices higher again [2] - The key variables for future gold price movements may hinge on the timing of Federal Reserve policy shifts and whether the global economy achieves a "soft landing" [2]