Group 1 - The core viewpoint of the articles indicates that gold prices are experiencing a bullish trend, nearing the psychological level of $3400 per ounce, driven by geopolitical risks and market sentiment favoring safe-haven assets [1][4] - The recent U.S. economic data, including a March core PCE price index of 2.6% year-on-year and resilient April non-farm employment figures, alleviates concerns over "re-inflation" risks, providing support for gold bulls [1] - Technical analysis shows a strong bullish pattern in the gold market, with a "stair-step" breakout characteristic and a high probability of continued upward movement [4] Group 2 - The operational strategy suggests focusing on buying on dips around $3375, with a stop loss at $3365 and a target range of $3400-$3430 [4] - Key resistance levels are identified at $3388 and $3398, with a breakout target of $3410, while support levels are noted at $3374 and a stronger support zone between $3370-$3366 [4] - The market is expected to remain in a strong bullish trend, with a low probability of reversal in the near term [4]

Group 1 - The core viewpoint is that despite a rebound in the dollar, gold prices have shown resilience, with a nearly 3% increase on Monday, closing at $3333.73, up nearly $100 from the previous Friday's close. The current gold trend is driven by global geopolitical tensions and uncertainty regarding Federal Reserve policy rather than solely relying on the dollar [1] - Short-term factors supporting gold prices include the unpredictable nature of Trump's trade policies, ongoing conflicts in Ukraine and the Middle East, and a prevailing risk-averse sentiment in the market. The Federal Reserve's dovish stance is expected to make gold a safe haven for funds [1] - The market is awaiting the Federal Reserve's interest rate decision later this week, with gold's daily chart showing a significant upward movement, indicating potential for further gains, with resistance levels noted at $3385-$3400 [1] Group 2 - In the silver market, silver prices rebounded on Monday, ending a streak of declines with a bullish candlestick formation. The current support level is around $32, with upward targets set at $33 and $34 [3] - The strategy for silver trading suggests waiting for a pullback to around $32 to enter long positions, indicating a cautious but optimistic outlook for silver prices [3]

Core Viewpoint - The international gold price experienced a significant decline, with a drop of over 2% on May 1, reaching a low of $3220 per ounce, marking an over 8% pullback from the historical high of $3509.9 per ounce recorded on April 22 [1]. Price Adjustments - Domestic gold jewelry prices have also decreased, with brands like Laomiao Gold marking a price of 995 yuan per gram, the first time in 20 days that prices fell below 1000 yuan [3]. - Chow Tai Fook's gold price was adjusted to 1009 yuan per gram, down 13 yuan from the previous day [3]. - In Shenzhen's Shui Bei area, gold prices dropped to 780 yuan per gram, with merchants offering discounts on processing fees to attract customers during the holiday [5]. Market Dynamics - The decline in gold prices is attributed to multiple factors, including a reduction in demand for safe-haven assets due to easing international trade tensions [6]. - Market sentiment of fear of high prices led to profit-taking by some investors, contributing to the price drop [7]. - Ahead of the May Day holiday, Chinese traders sold nearly 1 million ounces of gold futures and spot gold, resulting in a decrease in total holdings compared to historical highs [7]. Long-term Outlook - Despite the recent decline, medium to long-term market conditions, including ongoing demand for safe-haven assets and expectations of interest rate cuts, are expected to support gold prices [8]. Regulatory Actions - The Shanghai Futures Exchange announced adjustments to trading fees and margin levels for gold futures, effective from April 25, 2025 [10]. - Several domestic gold ETFs have suspended subscription and redemption services, advising investors to be cautious of short-term trading risks [11].

Group 1 - International spot gold prices have experienced a significant decline, dropping over 2% on May 1, reaching a low of $3220 per ounce, and COMEX gold futures fell to $3228 per ounce, down $281.6 from the historical high of $3509.9 on April 22, marking a correction of over 8% [1] - During the May Day holiday in China, some gold jewelry prices have been reduced, with Chow Tai Fook's gold price dropping from 1022 to 1009 yuan per gram, a decrease of 13 yuan [1] - Despite high gold prices suppressing demand, there has been an increase in consumer interest in gold jewelry, particularly in traditional and hard gold products, with reports of long queues at stores [2][1] Group 2 - The decline in international gold prices is attributed to positive developments in U.S. trade negotiations, leading to a third consecutive day of price drops [4] - There is a noticeable trend of profit-taking among gold bulls, with the CFTC reporting a reduction of 26,832 non-commercial net long positions in COMEX gold futures, bringing the total to 175,378, which is 37.7% of the market [5] - In the medium to long term, market sentiment regarding risk and expectations of interest rate cuts are expected to support gold prices, especially following a reported GDP contraction of 0.3% in the U.S. for Q1 2025, the first negative growth since Q1 2022 [6]

Group 1 - Trump's hardline stance in financial markets has faced setbacks, including a 90-day delay in implementing reciprocal tariff policies after significant turmoil in the bond market [1] - The withdrawal of Trump's statement to dismiss Federal Reserve Chairman Jerome Powell indicates a shift in strategy due to the simultaneous decline of U.S. stocks, bonds, and the dollar [1] - The "maximum pressure" strategy against major Asian countries has encountered strong resistance, leading to signals from Trump about potentially lowering tariffs on goods from these countries [1] Group 2 - Gold prices have retreated after approaching the $3500 per ounce mark, currently stabilizing around $3260 per ounce, with a pattern of alternating price movements observed [3] - The 4-hour chart indicates a slight consolidation in gold prices, with Bollinger Bands showing signs of contraction, reinforcing the current oscillating market condition [3] - Key resistance for gold is identified at $3350 - $3360 per ounce, while support is at $3290 - $3285 per ounce, suggesting a strategy of buying on dips [4]

4月28日国内金价快报：周末黄金市场休市，各大金店价格整体持稳。周大福等金店价格还是最高的那一批，不涨不跌，最 新标价1028元/克。菜百黄金也没什么变化，目前暂报1005元/克，为最低价金店。今日金店黄金价差23元/克，价差不变。 具体各大品牌金店最新价格见下表格： | | | 今日金店黄金价格一览(2025年4月28日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1022 | 元/克 | 3 | 涨 | | 六福黄金价格 | 1028 | 元/克 | 0 | में | | 周大福黄金价格 | 1028 | 元/克 | 0 | या | | 周六福黄金价格 | 1028 | 元/克 | 0 | 25 | | 金至尊黄金价格 | 1028 | 元/克 | 0 | में | | 老凤祥黄金价格 | 1025 | 元/克 | 6 | 涨 | | 潮宏基黄金价格 | 1028 | 元/克 | 0 | गर | | 周生生黄金价格 | 1026 | 元/克 | 1 | 跌 | | 菜百黄金价格 ...

五一长假将至，黄金市场多空进入激烈争夺当中，4月份受特朗普贸易关税影响，黄金市场上演暴涨暴跌的行情，4月初自3155下跌200美元，之后自2960 涨到3500美元，涨幅超500美元，再从3500滑铁卢至3300美元下方！ 一个月时间，黄金的波幅跌近1000美元，这在历史上也是很罕见的，全球对等关税引发恐慌性的抛盘，待市场冷静下来后大量资金涌入黄金市场推高金 价。 随着金价越来越高，价格波动的幅度也越来越大，以前主要的波动集中在美盘，这个月大部分剧烈的波动发生在亚盘时段，尤其是早上开盘后波动非常动 辄50，100美元。 为什么假期会出现大的单边波动？原因在于国内黄金停盘，无法有效与国际接轨，大量获利盘选择离场持币过节，担心假期受国际市场消息影响导致不可 控风险加剧，再加上节假日保证金提高，倒逼投资者补充保证金或离场。 机会，往往是在这个时候出现的，恐慌的背后就是机遇，上周黄金收较长上影线，多头动力有所减缓，市场避险情绪也慢慢从贸易冲突中开始降温，美股 等资产下跌有所收敛。 长期而言，黄金向下的空间有限，但对于杠杆交易者，不仅要关注长期大方向的预判，更要把握当下多空的转换，3385美元上周反弹并没有突破，也就是 ...

Core Viewpoint - The article discusses the recent surge in international gold prices, which have consistently broken through key thresholds, reaching historical highs, and the resulting impact on the futures and options markets [1][3]. Group 1: Gold Price Movement - International gold prices have shown strong performance, recently surpassing $3,400 and $3,500 per ounce, with COMEX gold futures reported at $3,440 per ounce, marking a 0.43% increase [1]. - Spot gold prices reached a high of $3,500.12 per ounce, setting a new historical record [1]. Group 2: Options Market Activity - The surge in gold prices has triggered significant activity in the options market, particularly a phenomenon known as "doomsday wheel," which occurs in the days leading up to options expiration [3]. - Several deep out-of-the-money call options for gold futures saw dramatic price increases, with some contracts experiencing gains of up to 9,800% [3]. Group 3: Futures Market Dynamics - Gold futures have attracted substantial capital inflow, with total funds in gold futures reaching approximately 980.4 billion yuan, surpassing major stock index futures [8]. - The total open interest in gold futures has increased significantly, reaching a historical high of 453,000 contracts, up from 392,000 contracts earlier in the month [9]. Group 4: Market Sentiment and Risks - Despite the bullish sentiment towards gold, some institutions are cautioning about potential short-term adjustments due to the rapid price increases and changing market conditions [10]. - The increase in market volatility has led trading firms to raise margin requirements and price limits for gold futures to mitigate risks associated with price fluctuations [9].

华侨银行策略师克里斯托弗 - 王(Christopher Wong)指出，特朗普解雇鲍威尔的潜在举动，将带来严重的市场冲击。这不仅会破坏央行独立性这一重要原则， 还可能导致美国货币政策政治化，从而引发市场的不安。一旦美联储的信誉受到质疑，美元的信心基础将被动摇，资金会加速流向黄金等避险资产。 High Ridge Futures 金属交易总监 David Meger 则认为，在关税紧张局势持续升温的背景下，黄金作为避风港的属性愈发凸显。尽管市场偶尔会出现回调和获 利了结的情况，但从长期来看，黄金价格仍有望维持横盘到走高的趋势。 Kitco Metals 的高级分析师 Jim Wyckoff 却持有不同观点。他表示，当前黄金价格每日的大幅波动，是这轮成熟牛市接近尾声的早期信号。不过，市场顶部 的到来，更多是时间上的临近，而非单纯取决于价格的走势。各方观点不一，也让黄金市场的未来走向变得更加扑朔迷离，投资者在这样复杂的市场环境 中，也将面临前所未有的挑战与机遇。 这一轮黄金市场的剧烈波动，背后是多重因素的交织作用。新一轮美元疲软的态势持续发酵，特朗普对美联储的持续批评加剧了市场的不确定性，而久拖未 决的贸易战更是 ...

Report Industry Investment Rating - The investment rating for gold is "Bearish" [1] Core Viewpoints of the Report - London gold soared 6.6% to $3,237 per ounce. The 10-year US Treasury yield was 4.49%, inflation expectations dropped to 2.23%, real interest rates rose to 2.26%, the US dollar index tumbled 2.84% to 100, the S&P 500 index rebounded 5.7%, the RMB rose slightly, and the Shanghai gold shifted from a premium to a discount [2] - The sharp rise in gold was driven by the inflow of funds due to the triple slump in the US stock, bond, and exchange markets. The erratic US tariff policy and the escalating retaliatory tariffs between the US and China increased market risk aversion, which was fundamentally beneficial to gold. The extreme tariff policy also led to capital outflows from the US, weakening the US dollar and benefiting gold [2] - US economic data showed a decline in inflation pressure in March, but food prices continued to rise, and future tariffs would cause further price increases. The University of Michigan consumer confidence index in April decreased, while the one-year inflation expectation climbed [2] - There is a risk of overheating in the short-term market sentiment. The positions and trading volume of Shanghai gold have increased significantly, and there was profit-taking by long positions overseas last week. The short-term postponement of additional tariffs and exemptions for certain commodities by the US reduced the possibility of conflict escalation, and the Fed's potential market intervention also eased the selling pressure [3] - After the strong rise of gold, long positions have become crowded in the short term. Tariff developments will increase market volatility, and attention should be paid to the risk of a correction [4] Summary by Relevant Catalog 1. Gold High-Frequency Data Weekly Changes - The internal basis (spot - futures) was 0.45 yuan/gram, with a weekly change of 0.52 yuan and a change rate of -742.9%. The internal - external futures price difference was -9.19 yuan/gram, with a weekly change of -11.28 yuan and a change rate of -539.0% [11] - The Shanghai Futures Exchange gold inventory increased by 3 kilograms to 15,678 kilograms, while the COMEX gold inventory decreased by 495,732 ounces to 44,575,964 ounces [11] - The SPDR ETF holding volume rose by 20.35 tons to 953.15 tons, and the CFTC gold speculative net long positions decreased by 38,088 hands to 138,465 hands [11] - The US Treasury yield increased by 0.47 percentage points to 4.48%, and the US dollar index decreased by 3.15 points to 99.77 [11] - The SOFR was 4.37%, with a weekly decrease of 0.02 percentage points. The US 10-year breakeven inflation rate dropped by 0.0431 percentage points to 2.2336% [11] - The S&P 500 index increased by 289 points to 5,363, and the VIX volatility index decreased by 7.8 points to 37.6 [11] - The gold cross - market arbitrage trading volume decreased by 0.1 to 7.2, and the US 10-year real interest rate increased by 0.58 percentage points to 2.26% [11] 2. Financial Market Related Data Tracking 2.1 US Financial Market - The US overnight secured financing rate was 4.37%. Oil prices dropped 3.1%, and US inflation expectations fell to 2.23% [17] - The US dollar index tumbled 2.8% to 100, and the US Treasury yield was 4.49%. The S&P 500 index rebounded 5.7%, and the VIX index dropped to 37.56 [19] 2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Developed country stock markets declined, while the S&P 500 index rebounded 5.7%. Developing country stock markets also fell, with the Shanghai Composite Index dropping 3.11% [22] - Real interest rates rose to 2.25%, and gold prices soared 6.6%. The spot commodity index closed higher, and the US dollar index tumbled [23] - The euro rose 3.53%, the British pound rose 1.53%, the Japanese yen rose 2.31%, and the Swiss franc rose 5.34% [26] - US and German bond yields increased, and the US - German yield spread widened to 1.92%. The British government bond yield was 4.75%, and the Japanese government bond yield was 1.32% [27] - The US dollar index dropped 2.84% to 100, and most non - US currencies appreciated [28] 3. Gold Trading - Level Data Tracking - Gold speculative net long positions decreased to 138,000 hands, and the SPDR Gold ETF holding volume increased to 953 tons [31] - The RMB depreciated slightly, and the internal - external price difference fluctuated narrowly. Gold and silver prices soared, and the gold - silver ratio dropped to 100 [35] 4. Weekly Economic Calendar - Monday: China's March foreign trade and financial data; US March New York Fed inflation expectations [36] - Tuesday: Germany and Eurozone April ZEW economic sentiment index; US April New York Fed manufacturing index and March import price index [36] - Wednesday: China's Q1 GDP, March retail sales, and industrial added - value data; US March retail sales and April NAHB housing index [36] - Thursday: ECB interest rate meeting; US March new housing starts, building permits, and initial jobless claims [36] - Friday: Japan's March CPI; US stock market closed for Good Friday [36]