Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices due to increased market risk aversion following President Trump's tariff announcements and growing concerns over U.S. debt sustainability [1][3] - Gold prices surged nearly 2% on Friday, with a weekly increase of nearly 5%, driven by safe-haven investments amid fears regarding U.S. fiscal challenges and trade relations [1] - Upcoming economic events, including the release of the Federal Reserve's May policy meeting minutes and the personal consumption expenditures (PCE) price index, are expected to influence market reactions and gold prices [3] Group 2 - The analysis indicates that gold has successfully broken through resistance levels of 3250 and 3320, showing a clear upward trend, although it faces strong resistance around 3370 [6] - The current market is experiencing a corrective phase after previous highs, with potential for further upward movement if stimulated by upcoming news [6] - The expected market behavior for the following week suggests a continuation of the upward trend, with key resistance at 3370 and support at 3320 [6][8]

Group 1: Gold Market Reaction - Gold prices have surged nearly 6% this week, reaching a near two-week high, driven by increased demand for safe-haven assets amid concerns over U.S. fiscal issues and geopolitical tensions [1] - The COMEX gold futures for May delivery rose by 2.17%, closing at $3363.60 per ounce [1] - As gold approaches the $3400 mark, it is expected to respond positively to headlines regarding U.S. fiscal challenges, trade relations, and geopolitical events, potentially aiming for historical highs [1] Group 2: U.S. Fiscal Concerns - Moody's downgraded the U.S. credit rating from "AAA" to "AA1" due to concerns over a $36 trillion debt, highlighting the failure of past administrations to address significant fiscal deficits [2] - The U.S. national debt has escalated from $4.5 trillion in 2007 to a historic high today, with the debt-to-GDP ratio rising from approximately 35% to 100% [2] - Rising bond yields, particularly the 30-year Treasury yield surpassing 5%, indicate growing investor concerns about the U.S. government's ability to manage its debt [2][3] Group 3: Geopolitical Tensions - Ongoing geopolitical tensions, including stalled negotiations between Ukraine and Russia and escalating conflicts in the Middle East, have further boosted gold prices [4] - The U.S. trade situation is also tense, with President Trump threatening to impose a 50% tariff on the EU starting June 1, which has contributed to a decline in the dollar index [4][5] Group 4: Market Expectations and Federal Reserve Actions - The market currently anticipates a 27% chance of a 25 basis point rate cut by the Federal Reserve in July, with potential adjustments depending on economic data fluctuations [6] - The Federal Reserve's cautious stance suggests that any rate cuts will be contingent on the impact of tariffs and overall economic conditions, which could benefit gold prices [6] - The ongoing debt issues in the U.S. are expected to hinder the dollar's recovery, especially if the Senate approves spending bills without significant changes [6] Group 5: Investment Sentiment - Short-term bullish sentiment in gold is driven by momentum traders and long-term investors seeking to hedge against policy uncertainties [7] - The combination of tactical and strategic buying is likely to create conditions for a sustained rebound in gold prices, potentially targeting the historical high of $3500 [7]

1. Report Industry Investment Ratings - **Bullish**: Gold, Silver [1] - **Bearish**: Copper, Hot Rolled Coil, Manganese Ore, Coke, BR Rubber, Styrene, Urea, LPG [1] - **Sideways**: Stock Index, Bond Futures, Aluminum, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Lithium Carbonate, Rebar, Iron Ore, Ferrosilicon, Glass, Soda Ash, Coking Coal, Palm Oil, Rapeseed Oil, Cotton, Sugar, Wheat, Soybean Meal, Pulp, Logs, Crude Oil, Fuel Oil, Asphalt, Natural Rubber, Ethylene Glycol, PTA, Short Fiber, Methanol, PE, PP, PVC, Caustic Soda [1] 2. Core Views of the Report - The market's reaction to tariff shocks and policy support is waning. The stock index's rebound has reached the upper limit of the range, and there is a risk of short - term shock adjustment. Asset shortage and weak economy are favorable for bond futures, but the central bank's interest - rate risk warning restricts the upside [1]. - Safe - haven demand drives up the price of gold, and its long - term upward logic remains solid. Silver follows gold but has limited medium - term upside. Weak macro data and downstream demand suppress copper prices in the short term. Aluminum's low inventory provides support, but the upside is limited [1]. - The situation in Guinea affects alumina prices, but the improvement in production profit may lead to复产 and limit the upside. Nickel and stainless steel prices are affected by supply, demand, and policy factors, showing short - term sideways movement [1]. - Before the resumption of production in Wa State, tin prices have strong fundamental support. Industrial silicon is in a situation of strong supply and weak demand, and is in a low - valuation range. Polysilicon has few registered warehouse receipts and a low willingness to register due to futures discounting spot [1]. - Lithium carbonate supply has not further shrunk, inventory is accumulating, and downstream procurement is based on rigid demand. Rebar and hot - rolled coil have insufficient price rebound drivers due to cost loosening and a loose supply - demand pattern [1]. - Iron ore has a peak iron - making water expectation, and manganese ore is expected to decline due to oversupply. Ferrosilicon's supply - demand turns tight due to production cuts. Glass and soda ash face supply - demand challenges, with glass affected by the rainy season and soda ash facing medium - term oversupply [1]. - Coking coal and coke are in a relatively oversupplied situation, and there are opportunities for positive spreads and selling hedging. Palm oil, rapeseed oil, and cotton are affected by various factors such as weather, policy, and season, showing sideways or slightly weak trends [1]. - Brazil's sugar production is expected to reach a record high, and wheat has a tight annual supply - demand expectation. Soybean meal is expected to move sideways in the short term. Pulp and logs have no obvious upward momentum [1]. - In the livestock market, the pig inventory is recovering, and the futures price is at a discount to the spot. Crude oil, fuel oil, and asphalt are affected by factors such as the Iran - US nuclear agreement negotiation, OPEC+ production increase, and financial market risk preference [1]. - Natural rubber is affected by rainfall and storage rumors. BR rubber is expected to decline in the short and long term. PTA's supply - demand situation has changed, and ethylene glycol is in a de - stocking stage [1]. - Styrene and urea face weak demand. Methanol, PE, PP, PVC, and caustic soda are affected by factors such as production, demand, and policy, showing sideways or slightly strong trends. LPG is expected to move sideways or decline in the short term [1]. 3. Summaries by Related Catalogs Macro - financial Sector - **Stock Index**: The rebound has reached the upper limit of the range, and there is a risk of short - term shock adjustment due to the lack of incremental catalysts [1]. - **Bond Futures**: Asset shortage and weak economy are favorable, but the central bank's interest - rate risk warning restricts the upside [1]. - **Gold**: Safe - haven demand drives up the price, and the long - term upward logic is solid [1]. - **Silver**: Follows gold, but has limited medium - term upside [1]. Non - ferrous Metals Sector - **Copper**: Weak macro data and downstream demand lead to short - term weak operation [1]. - **Aluminum**: Low inventory provides support, but the upside is limited, and it is expected to move sideways [1]. - **Alumina**: The situation in Guinea drives up the price, but production profit improvement may lead to复产 and limit the upside [1]. - **Nickel**: Affected by supply, demand, and policy, it shows short - term sideways movement, and there is a long - term surplus pressure [1]. - **Stainless Steel**: Affected by supply, demand, and trade factors, it shows short - term sideways movement, and there is long - term supply pressure [1]. - **Tin**: Before the resumption of production in Wa State, it has strong fundamental support [1]. - **Industrial Silicon**: Strong supply, weak demand, and in a low - valuation range [1]. - **Polysilicon**: Few registered warehouse receipts and low willingness to register due to futures discounting spot [1]. - **Lithium Carbonate**: Supply has not further shrunk, inventory is accumulating, and downstream procurement is based on rigid demand [1]. Black Metals Sector - **Rebar**: Insufficient price rebound drivers due to cost loosening and a loose supply - demand pattern [1]. - **Hot - Rolled Coil**: Bearish due to potential export weakness, cost loosening, and a loose supply - demand pattern [1]. - **Iron Ore**: There is a peak iron - making water expectation, and the supply side has no new stories for now [1]. - **Manganese Ore**: Expected to decline due to oversupply and heavy warehouse receipt pressure [1]. - **Ferrosilicon**: Supply - demand turns tight due to production cuts despite cost drag [1]. - **Glass**: Affected by the rainy season, the demand may weaken, and the price moves sideways [1]. - **Soda Ash**: Facing medium - term oversupply, the price is under pressure [1]. - **Coking Coal and Coke**: In a relatively oversupplied situation, there are opportunities for positive spreads and selling hedging [1]. Agricultural Products Sector - **Sugar**: Brazil's 2025/26 sugar production is expected to reach a record high, and the production may be affected by the oil price [1]. - **Wheat**: Affected by new wheat listing and policy grain release, it is expected to move sideways, and a long - at - low strategy is recommended [1]. - **Soybean Meal**: Expected to move sideways in the short term due to the lack of obvious positive drivers [1]. - **Pulp**: Port inventory is rising, and the demand is weak, so it is expected to move sideways [1]. - **Logs**: Supply is loose, demand is weak, and the futures price is undervalued, so it is expected to move sideways [1]. - **Pig**: The inventory is recovering, the futures price is at a discount to the spot, and the futures price is stable [1]. Energy and Chemical Sector - **Crude Oil and Fuel Oil**: Affected by the Iran - US nuclear agreement negotiation, OPEC+ production increase, and financial market risk preference [1]. - **Asphalt**: Affected by cost, inventory, and demand factors, it is expected to move sideways [1]. - **Natural Rubber**: Affected by rainfall and storage rumors, and a long - short spread strategy can be considered [1]. - **BR Rubber**: Expected to decline in the short and long term [1]. - **PTA**: Supply - demand situation has changed, and the tight situation has been alleviated [1]. - **Ethylene Glycol**: In a de - stocking stage, and the spot market change is not obvious [1]. - **Styrene**: Weak demand leads to a decline in price [1]. - **Urea**: Lack of continuous upward momentum due to weak demand [1]. - **Methanol**: Affected by production, import, and macro factors, it is expected to move sideways at a low level [1]. - **PE, PP, PVC**: Affected by production, demand, and policy, showing sideways or slightly strong trends [1]. - **Caustic Soda**: Short - term spot is strong, and the subsequent trend depends on the alumina market [1]. - **LPG**: Expected to move sideways or decline in the short term due to tariff, demand, and supply factors [1]. Other Sector - **Freight Index**: A long - at - low strategy can be considered for the peak - season contract, and spread trading opportunities can be focused on [1].

Report Industry Investment Ratings - Iron ore: Short - term long - allocation, medium - to - long - term short - allocation [2] - Coking coal and coke: Oscillating weakly [2] - Rolled steel and rebar: Oscillating [2] - Glass: Oscillating [2] - Soda ash: Oscillating [2] - CSI 50: Rebounding [2] - CSI 300: Oscillating [2] - CSI 500: Upward [4] - CSI 1000: Upward [4] - 2 - year Treasury bond: Oscillating [4] - 5 - year Treasury bond: Oscillating [4] - 10 - year Treasury bond: Declining [4] - Gold: High - level oscillating [4] - Silver: Strong - side oscillating [4] - Pulp: Oscillating [6] - Logs: Oscillating [6] - Soybean oil: Oscillating [6] - Palm oil: Oscillating [6] - Rapeseed oil: Oscillating [6] - Soybean meal: Rebounding [6] - Rapeseed meal: Rebounding [6] - Soybean No. 2: Rebounding [6] - Soybean No. 1: Rebounding [6] - Live pigs: Oscillating [8] - Rubber: Oscillating [8] - PX: On - hold [8] - PTA: On - hold [9] - MEG: On - hold [9] - PR: On - hold [9] - PF: On - hold [9] Core Viewpoints - For the black industry, the previous policy - and sentiment - driven upward momentum is weakening, and the market is gradually returning to fundamentals. Each variety has different supply - demand situations and price trends [2] - In the financial market, with the phased results of Sino - US tariffs and the stabilization of the external market, the market risk - aversion sentiment has eased, and long positions in stock index futures can be held. Treasury bonds are in a narrow - range oscillation, and light long positions can be held [4] - In the precious metals market, the pricing mechanism of gold is changing, and various factors such as currency, finance, and geopolitics affect its price, which is expected to oscillate strongly [4] - In the light industry and agricultural products markets, various products are affected by factors such as supply - demand, seasonality, and policies, and most are expected to oscillate [6][8] - In the polyester market, due to factors such as oil prices, raw material prices, and supply - demand, most products are in a state of waiting and watching [9] Summaries by Categories Black Industry - **Iron ore**: The previous upward momentum is weakening, and it returns to fundamentals. In the short - term, it is supported by high steel mill profitability and new restocking demand, but port inventory is high. In the medium - to - long - term, domestic demand is weak, so a bearish view is taken [2] - **Coking coal and coke**: The supply - demand of coking coal is loose, and the profit of coking enterprises has improved. Coke supply is increasing, and the pattern of oversupply remains unchanged, following the trend of finished products [2] - **Rolled steel and rebar**: The previous upward momentum is weakening, demand is falling back, and inventory may increase. Steel prices are expected to oscillate at a low level [2] - **Glass**: Some production lines have resumed production, inventory has increased significantly, and demand is difficult to recover significantly in the long - term. It is in the transition from peak to off - season, and the focus is on downstream demand recovery [2] Financial Market - **Stock index futures/options**: The previous trading day's stock index performance varied, and funds flowed in and out of different sectors. With the phased results of Sino - US tariffs, long positions in stock index futures can be held [2][4] - **Treasury bonds**: Market interest rates are consolidating, and Treasury bonds are in a narrow - range oscillation. Long positions can be held lightly [4] - **Precious metals**: The pricing mechanism of gold is changing, and various factors affect its price. It is expected to oscillate strongly, and silver is also expected to oscillate strongly [4] Light Industry and Agricultural Products - **Pulp**: The cost price has decreased, the papermaking industry's profitability is low, and demand is in the off - season. It is expected to oscillate [6] - **Logs**: Downstream demand is in the off - season, supply and demand are both weak, and prices are expected to oscillate at the bottom [6] - **Oils and fats**: Supply is abundant, it is the traditional consumption off - season, but pre - holiday stocking has improved spot consumption. It is expected to oscillate, and attention should be paid to weather and production - sales [6] - **Meal products**: The inventory of new US soybeans may be tighter, and domestic soybean supply is turning loose. Meal products are expected to rebound in the short - term, and attention should be paid to weather and logistics [6] - **Live pigs**: Supply is relatively tight, demand is in the off - season, and cost provides support. Prices are expected to oscillate [8] - **Rubber**: Supply is relatively stable, demand is recovering, inventory accumulation is slowing down, and prices are expected to oscillate strongly [8] Polyester Market - **PX**: Oil prices are weakly consolidating, PX load is oscillating downwards, and it is expected to fluctuate with oil prices [8] - **PTA**: The possible acceleration of Russia - Ukraine peace talks may suppress oil price rebounds, and it is in a state of supply - demand destocking, mainly affected by raw material prices [9] - **MEG**: The supply - demand is not bad, but the macro - sentiment fluctuates greatly, and the disk fluctuates widely [9] - **PR**: Oil price callback weakens cost support, and the market may adjust weakly and steadily [9] - **PF**: Downstream orders are insufficient, and cost support is unstable. The market is expected to be weakly sorted [9]

【冠通研究】 上下游博弈，盘面区间运行 制作日期：2025 年 5 月 20 日 【策略分析】 沪铜今日高开高走尾盘下行。5 月 20 日，中国央行宣布 1 年期和 5 年期 LPR 同步下 调 10 个基点，释放出明确的稳增长信号。美联储高官表态年内更倾向只降息一次周末国 际信用评级机构穆迪决定将美国主权信用评级从 Aaa 下调至 Aa1，美国经济数据及信用 评级双下滑，市场避险惰绪再起，铜价承压。供给端，截止 5 月 19 日，现货粗炼费 (TC)-43.03 美元/千吨，现货精炼费(RC)-4.30 美分/磅，冶炼厂加工费负值扩大有所放 缓，由于附产品的利润弥补，目前实质性减产尚未推进。目前对铜供应端的压力维持在 预期偏紧，实质供应尚未见明显缩减，废铜不受关税影响，将继续大量进入国内;库存 端，上期所铜库存去化转为累库，美铜依然继续大幅增加库存。需求端，下游需求边际 走弱，社库止跌回弹，终端动能减弱。截至 2025 年 3 月，电解铜表观消费 137.24 万 吨，相比上月涨跌+9.38 万吨，涨跌幅 7.34%。五月进入需求淡季阶段，预计表观消费量 减少。整体来说，市场对经济保持不确定性预期，基本面方 ...

2025 年 5 月 20 日 股指期货将偏强震荡 氧化铝期货将偏强宽幅震荡 铜、原 油期货将偏强震荡 螺纹钢、铁矿石期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3850 和 3873 点，支撑位 3830 和 3816 点；IH2506 阻力位 2699 和 2727 点，支撑位 2681 和 2664 点；IC2506 阻力位 5663 和 5700 点，支撑位 5560 和 5544 点；IM2506 阻力位 6000 ...

Report Industry Investment Ratings - Iron ore: Short-term "high-level short allocation", long-term positive outlook for positive spreads [2] - Coking coal and coke: "Weak and volatile" [2] - Rebar and wire rod: "Volatile" [2] - Glass: "Volatile" [2] - Stock index futures/options: Shanghai and Shenzhen 300 "Volatile", Shanghai 50 "Rebound", CSI 500 "Upward", CSI 1000 "Upward" [2][4] - Treasury bonds: 2-year "Volatile", 5-year "Volatile", 10-year "Decline" [4] - Gold and silver: "High-level volatile" [4] - Pulp: "Weak and volatile" [5] - Logs: "Bottom volatile" [5] - Oils and fats: "Volatile" [5] - Meal products: "Volatile and bearish" [5] - Live pigs: "Volatile" [7] - Rubber: "Strong and volatile" [7] - PX: "Wait-and-see" [7] - PTA: "Wait-and-see" [8] - MEG: "Wait-and-see" [8] - PR: "Wait-and-see" [8] - PF: "Narrow-range consolidation" [8] Core Viewpoints - The driving force for the previous policy and sentiment-driven rise in the iron ore market has gradually weakened, and it will return to fundamentals in the short term. Coal and coke markets are mainly following the trend of finished products. Steel prices are expected to remain low and volatile in the short term. Glass prices lack upward momentum. Stock index futures are recommended for long positions, and treasury bonds are also recommended for long positions. Precious metals are expected to maintain high-level volatility. Pulp prices are expected to be weak. Log prices are expected to bottom out and fluctuate. Oils and fats and meal products markets are volatile. Live pig prices are expected to remain stable. Rubber prices are expected to be strongly volatile. PX, PTA, MEG, PR, and PF markets are recommended for a wait-and-see approach [2][4][5][7][8] Summary by Related Catalogs Iron Ore - Supply is expected to increase with the recovery of Australian and Brazilian shipments and the release of some mine capacities. Demand is the key factor. Although the market's expectation for steel demand has improved, the actual demand is seasonally weak. High iron ore port inventories put pressure on prices. The weakening of trade conflicts may bring opportunities for far-month short selling [2] Coal and Coke - The supply and demand of coking coal remain loose. Coking enterprises' profits have improved, but steel mills' procurement willingness has decreased, and coke prices have been lowered. Coke supply continues to increase, and inventories are rising overall [2] Rebar and Wire Rod - The driving force for the previous rise has weakened, and demand is expected to decline. The total inventory is still in the process of being depleted, but the impact of the rainy season may slow down or reverse the inventory depletion. Steel prices are under short-term pressure [2] Glass - Some production lines have resumed operation, and daily melting volume has fluctuated slightly. Spot prices have declined slightly, and profits have been squeezed. Inventories have increased significantly, and demand is difficult to recover significantly in the long term [2] Stock Index Futures/Options - The previous trading day's performance of major stock indices varied. Sector funds flowed in and out differently. Macroeconomic data showed mixed results. With the phased results of Sino-US tariffs and the stabilization of the external market, market risk aversion has eased, and long positions in stock indices are recommended [4] Treasury Bonds - The yield of 10-year Treasury bonds has declined, and market interest rates have decreased, providing support for Treasury bond prices. Long positions in Treasury bonds are recommended [4] Precious Metals - The pricing mechanism of gold is shifting from being centered on real interest rates to being centered on central bank gold purchases. Gold's currency, financial, and hedging attributes are affected by various factors. Short-term factors such as trade tensions and Fed policies may cause fluctuations, but gold prices are expected to maintain high-level volatility [4] Pulp - Spot market prices have shown a differentiated trend, and external market prices have declined. The profitability of the papermaking industry is low, and paper mills' inventories are increasing. Demand has entered the off-season, and pulp prices are expected to be weak [5] Logs - Downstream demand has entered the off-season, and the supply of logs is expected to decrease. Current inventories are being depleted, and prices are expected to bottom out and fluctuate [5] Oils and Fats - Palm oil production is in the seasonal growth period, and inventories have increased significantly. The supply of three major oils and fats is abundant, while consumption is in the off-season. Prices are expected to be volatile [5] Meal Products - Sino-US trade relations have eased, but the weather in the US soybean-growing areas is a key factor. Domestic soybean arrivals have increased significantly, and the supply of meal products is expected to increase. Demand is weak, and prices are expected to be volatile and bearish [5] Live Pigs - The average slaughter weight of live pigs has increased slightly, and demand from slaughtering enterprises has remained stable. Post-festival consumption demand has decreased, but the demand for secondary fattening provides support. Prices are expected to remain stable [7] Rubber - Domestic rubber production is relatively stable, while raw material prices in Thailand have continued to rise. Demand from sample tire enterprises has recovered, and inventories are expected to decrease slightly. Market sentiment is positive, but supply and demand fundamentals still put pressure on prices. Rubber prices are expected to be strongly volatile [7] PX, PTA, MEG, PR, PF - The progress of the Russia-Ukraine peace talks may affect oil prices. The operating rates of PX, PTA, and MEG have fluctuated, and inventories have changed. The polyester market is affected by raw material prices and production reduction plans. A wait-and-see approach is recommended for these products [7][8]

Group 1: Gold Price Trends - The current price of gold T+D has surged to 752 RMB per gram, with an increase of 0.56%, while international gold futures in New York have reached 3228.5 USD per ounce, up by 1.30% [2] - Compared to last year, gold prices have risen significantly from around 480 RMB per gram to 645 RMB per gram, marking a remarkable increase of 25% [2] Group 2: Factors Influencing Gold Prices - Gold prices reflect international geopolitical tensions, with increased conflicts and upcoming elections in Europe and the US heightening market risk aversion, leading to a surge in demand for gold as a safe haven [3] - The relationship between the US dollar and gold is highlighted, where a strong dollar typically weakens gold prices, while a weaker dollar creates favorable conditions for gold price increases [3] Group 3: Young Consumers in the Gold Market - Young consumers aged 25 to 34 account for 55% of gold jewelry purchases, with those under 25 seeing a nearly ninefold increase in transaction volume [4] - Popular shopping destinations for young buyers include Beijing and Shenzhen, where social media has popularized gold buying as a trendy experience [4] Group 4: Investment Strategies in Gold - For conservative investors, bank gold bar products, such as ICBC's gold bars priced at 493 RMB per gram for 20 grams, are considered stable investment options [5] - Young consumers are increasingly drawn to unique gold products, including collaborations with popular IPs, which, despite limited investment value, thrive in the emotional consumption market [5]

Group 1 - The core viewpoint of the articles indicates a significant decline in gold prices, with spot gold dropping by $20 to below $3160 per ounce, marking a 2.56% decrease on May 16 [1] - On the same day, the price of gold jewelry fell below 1000 yuan per gram, reflecting a broader trend in the gold market [2] - Factors contributing to the decline in gold prices include progress in US-China tariff negotiations, a decrease in geopolitical tensions, and a failure to maintain the psychological support level of $3200 per ounce, leading to increased technical selling pressure [4] Group 2 - The US April CPI data showed moderate performance, which cooled market expectations for significant interest rate cuts by the Federal Reserve, resulting in a stronger dollar that further pressured gold prices [5] - Citigroup has revised its gold price outlook, lowering the three-month target from $3500 to $3150 per ounce, a reduction of 10%, citing easing tariff concerns as a key reason for the price adjustment [5] - Citigroup's analysts predict that gold prices will oscillate between $3000 and $3300 per ounce in the near term, indicating a more rational volatility in the current complex market environment [5]

Group 1: Domestic Gold Prices - The overall gold price in domestic stores has increased by approximately 9 CNY per gram, with the highest price at 992 CNY per gram from Chow Sang Sang, which rose by 17 CNY per gram [1] - Shanghai China Gold saw a decrease of 13 CNY per gram, making it the lowest priced store at 943 CNY per gram, resulting in a price difference of 49 CNY per gram among stores [1] - Other notable prices include Lao Miao at 978 CNY per gram, and several brands like Liufu, Chow Tai Fook, and Zhou Dafu all at 985 CNY per gram, each increasing by 9 CNY per gram [1] Group 2: Platinum Prices - Platinum jewelry prices have seen a slight increase of 3 CNY per gram, with Chow Sang Sang's platinum priced at 405 CNY per gram, while gold jewelry prices have decreased by 16 CNY per gram [1] Group 3: Gold Recovery Prices - The gold recovery price has surged by 11.1 CNY per gram, with the current average recovery price at 739.30 CNY per gram [2] - Different brands have varying recovery prices, with Lao Feng Xiang at 744.60 CNY per gram being the highest, while Chow Sang Sang is at 734.60 CNY per gram [2] Group 4: International Gold Prices - The spot gold price rebounded to 3239.66 USD per ounce after dropping to 3120.44 USD per ounce, marking a 1.99% increase [4] - As of the latest update, the spot gold price is at 3216.63 USD per ounce, reflecting a decrease of 0.71% [4] - The recent fluctuations in gold prices are attributed to geopolitical factors and economic data, including lower-than-expected US PPI data, which has reignited expectations for a potential interest rate cut by the Federal Reserve [4]