Market Overview - The three major U.S. stock indices showed mixed results, with the Nasdaq down 0.5% and the S&P 500 down 0.22% [1] - Mid to long-term U.S. Treasury yields declined, with the 10-year yield down 1.4 basis points to 4.38% and the 2-year yield down 3.8 basis points to 3.92% [2] - The Federal Reserve may consider easing monetary policy as early as July, according to Fed Governor Waller [2] - The ongoing tensions in the Middle East are raising concerns about broader conflicts, particularly affecting global oil supply [3] Company Performance - Google shares fell over 3.6% due to the impact of an EU antitrust investigation [3] - Other major tech stocks also experienced declines: Meta down 1.9%, Amazon down 1.3%, and Microsoft down 0.6%, while Apple rose 2.2% [3] - The semiconductor sector faced pressure, with Nvidia down 1.1% and TSMC down nearly 2% due to negative news regarding chip export exemptions [4] - Kroger's stock increased by 9.8% after reporting year-over-year growth in Q1 and raising its revenue guidance for FY2025 [5] Economic Indicators - The Nasdaq Golden Dragon China Index fell by 0.9%, with JD.com down 3.3% and Baidu, Tencent, and Pinduoduo each down over 1% [6] - The Conference Board's Leading Economic Index for the U.S. declined by 0.1% to 99.0 in May, marking a cumulative drop of 2.7% over the past six months [6] - The Philadelphia Fed's manufacturing index for June reported -4.0, indicating continued contraction, with employment metrics at their lowest since May 2020 [6] Commodity Prices - International oil prices weakened, with WTI crude down 0.28% to $74.93 per barrel and Brent crude down 2.23% to $77.01 per barrel [6] - Gold prices also faced downward pressure, with COMEX June futures down 0.64% to $3368.10 per ounce [7]

Economic Overview - The latest Federal Reserve Beige Book indicates a slight decline in U.S. economic activity, with rising tariffs and uncertainty impacting the economy broadly, leading to a "slightly pessimistic and uncertain" outlook [1][2] - The ISM Services PMI for May unexpectedly fell to 49.9, below the expected 52, marking the first contraction in service sector activity since July 2023 [4][5] Employment and Labor Market - Employment conditions remain stagnant across most Federal Reserve districts, with many reporting unchanged job markets and some industries planning layoffs [2][5] - The upcoming employment report is critical, with expectations of a modest increase in non-farm payrolls and a stable unemployment rate at 3.9% [7] Inflation and Pricing Pressure - The Beige Book notes that prices are rising at a moderate pace, but businesses expect faster increases in costs and prices in the future, with some planning to pass tariff-related costs onto consumers [2][3] - The ISM Services PMI report highlights a sharp decline in new orders and a significant rise in the prices paid index, indicating dual pressures from tariffs on demand and inflation [4][5] Market Reactions and Predictions - Market participants are hedging against a volatile interest rate path from the Federal Reserve, with expectations ranging from no rate cuts to aggressive cuts by 2025 [6][9] - The divergence in predictions from major banks like Goldman Sachs and Citigroup reflects the uncertainty surrounding the economic outlook and potential Fed actions [6][9] Regulatory Changes - The Senate confirmed Michelle Bowman as the Vice Chair for Supervision at the Federal Reserve, which may introduce new dynamics in financial regulation amidst rising economic uncertainty [8][9]

Core Viewpoint - International gold prices experienced a pullback after encountering resistance, but still maintain a bullish outlook supported by short-term moving averages and a breakout trend line [1][4][10] Price Movement Summary - On June 3, gold opened at $3382.12 per ounce, reached a high of $3391.94, then fell to a low of $3333.13 before closing at $3353.20, resulting in a daily decline of $28.92 or 0.86% [1] - The price fluctuation for the day was $58.81 [1] Market Influences - The U.S. dollar index rebounded from a six-week low, exerting pressure on gold prices, particularly after the increase in job vacancies reported for April [3] - The increase in U.S. steel and aluminum tariffs from 25% to 50% and ongoing geopolitical tensions are contributing to support for gold prices [4][7] - The market anticipates potential adjustments in U.S. employment data, which may influence gold price movements [6][8] Technical Analysis - Gold prices remain above the 5-day moving average, indicating a potential for further upward movement [12] - The monthly chart shows that despite recent volatility, gold maintains a bullish trend above the May moving average [10] - The weekly chart indicates that gold is supported by the 10-week moving average and may target the $3500 level [13] Economic Outlook - The OECD has revised the U.S. GDP growth forecast for 2025 down to 1.6% from 2.2%, reflecting concerns over economic performance due to tariff increases [8] - Geopolitical risks and inflation concerns are expected to keep gold prices elevated in the medium to long term [8][10]

Core Viewpoint - The article discusses the recent surge in gold prices driven by geopolitical tensions and renewed tariff concerns, with expectations for gold to potentially reach $3500 or higher in the near future [1][3][8]. Geopolitical and Economic Factors - The escalation of geopolitical tensions in the Middle East and the Russia-Ukraine conflict has increased demand for gold as a safe-haven asset [3][5]. - Concerns over tariffs, particularly the potential increase in import duties on steel and aluminum by the Trump administration, have also contributed to the bullish sentiment in gold [3][5]. - Weak economic data from the U.S. has further supported gold prices, with expectations of interest rate cuts in the next 12 to 18 months [3][5]. Technical Analysis - Gold prices opened at $3298.53 per ounce, reaching a high of $3382.87 and closing at $3381.49, marking a daily increase of $89.56 or 2.72% [1]. - The recent breakout above the downward trendline has shifted the resistance into support, indicating a bullish outlook for gold [1][11]. - The monthly chart shows that gold has maintained its bullish trend despite recent volatility, with support from the 5-month moving average [9][10]. Market Sentiment and Future Outlook - The market sentiment remains bullish for gold, with expectations of continued high-level adjustments or further increases in price over the next one to two years [8][12]. - The article suggests that any pullbacks in gold prices should be viewed as buying opportunities, given the overall bullish trend and geopolitical uncertainties [5][11].

Core Viewpoint - The gold market is experiencing a triangular trend adjustment, with potential for future price increases despite recent fluctuations and geopolitical tensions [1][7]. Price Movement Summary - Gold prices opened the week at $3354.98, reached a high of $3356.39, and fell to a low of $3245.36, closing at $3291.93, down $65.77 or 1.96% from the previous week's close of $3357.70, with a weekly range of $112.34 [1][3]. - The price is supported by the 10-week moving average, indicating potential for a rebound [1][9]. Market Influences - The U.S. dollar index initially strengthened but later retreated, impacting gold prices [3]. - Concerns over international trade and a decrease in pessimism regarding the U.S. economy contributed to the recent price movements [3][7]. - Geopolitical risks, including conflicts in the Middle East, continue to influence market sentiment and gold prices [3][7]. Technical Analysis - The monthly chart indicates that gold prices have been in a volatile adjustment phase without breaking below the 5-month moving average, suggesting a potential for continued wide-ranging fluctuations [8]. - The weekly chart shows that despite recent weakness, gold closed above the 10-week moving average, maintaining a bullish outlook [9]. - The daily chart indicates that gold is positioned above the expansion line, with potential to test resistance near $3500 [11]. Economic Indicators - Upcoming economic data releases, including the U.S. manufacturing PMI and construction spending, are expected to influence market sentiment and gold price movements [5][7]. - The Federal Reserve's concerns about stagflation and economic recession risks may lead to expectations of interest rate cuts, which could support gold prices [7].

Core Viewpoint - International gold prices experienced fluctuations, initially declining before rebounding, indicating a short-term bullish trend, but still facing resistance from a downward trend line [1][3][5]. Price Movement Summary - Gold opened at $3287.32 per ounce, dropped to a low of $3245.36, then rose to a high of $3330.38, closing at $3317.46, with a daily range of $85.02 and a gain of $30.14, or 0.92% [1]. - The market anticipates that any pullback could present a buying opportunity due to the recent recovery pattern [3]. Influencing Factors Summary - Technical pressures and a U.S. court ruling against President Trump's tariffs initially pressured gold prices, but support from buying interest and concerns over stagflation and recession risks led to a rebound [3][7]. - The dollar index showed weakness, which typically supports gold prices, while U.S. Treasury yields had limited impact on gold [5][7]. Economic Indicators Summary - Upcoming economic data releases, including the U.S. core PCE price index and consumer confidence indices, are expected to influence market sentiment, with a general outlook leaning towards initial bullishness followed by potential bearishness [5][12]. Technical Analysis Summary - Monthly charts indicate that gold prices are in a volatile adjustment phase, maintaining above the May moving average, suggesting a continued bullish trend if historical highs are not breached [10][12]. - Weekly charts show a rebound above the 5-week moving average, indicating strengthened bullish momentum and potential for further gains towards $3500 [12]. - Daily charts reveal a bullish triangle pattern, suggesting that any further declines could be seen as buying opportunities [14].

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金十数据5月29日讯，美联储会议纪要提到，工作人员继续注意到围绕贸易政策和其他经济政策的大量 不确定性，现在认为预测的不确定性相对于过去20年的平均水平有所上升。实际经济活动的风险被认为 倾向于下行，工作人员认为，经济陷入衰退的可能性几乎与基线预测一样大。对2025年通胀预测的大幅 上调被认为是为了使围绕该年通胀预测的风险保持平衡。此后，美联储工作人员继续认为，围绕通胀预 测的风险偏向上行，最近一些通胀预期指标的上升，提高了通胀将比基线预测假设更持久的可能性。 美联储会议纪要：不确定性相对于过去20年的平均水平有所上升 ...

Investment Rating - The industry is rated as "Recommended" [5] Core Views - The macroeconomic sentiment has weakened, leading to a resurgence in gold prices, with COMEX gold rising 4.75% to $3,357.70 per ounce and SHFE gold increasing 3.76% to ¥780.10 per gram [1][27] - The U.S. economic uncertainty and global trade dynamics are prompting investors to shift towards safe-haven assets like gold and silver, with expectations of continued price appreciation [3][48] - The ongoing U.S.-EU tariff tensions and the recent U.S. debt auction results have contributed to the volatility in the market, reinforcing the attractiveness of precious metals [3][47] Summary by Sections Precious Metals - Gold and silver prices have increased significantly, with COMEX gold up 4.75% and SHFE gold up 3.76% [1][27] - The gold-silver ratio has risen by 0.99% to 99.81, indicating a stronger performance of gold relative to silver [27] - SPDR Gold ETF holdings increased by 119,821.97 troy ounces, while SLV Silver ETF holdings rose by 9,728,859.30 ounces [27] Base Metals - In the LME market, copper prices rose by 1.76% to $9,614.00 per ton, while aluminum fell by 0.62% to $2,466.00 per ton [52] - SHFE copper prices decreased by 0.45% to ¥77,790.00 per ton, while aluminum prices increased by 0.12% to ¥20,155.00 per ton [52] - The overall sentiment in the base metals market remains mixed, with supply concerns and fluctuating demand impacting prices [7][52] Small Metals - The price of magnesium has increased by 0.11% to ¥18,780 per ton, reflecting strong pricing power among manufacturers [14] - Molybdenum and vanadium prices have shown slight increases, with molybdenum iron at ¥227,500 per ton [15] - The market for small metals is currently stable, with limited price fluctuations observed [15][80]

短期期货交易商获利回吐导致金价温和下跌。但是，由于全球债券市场变得不稳定，黄金避险的基本基 调看涨。 21日举行的美国20年期国债拍卖未受到投资者的欢迎，令市场紧张不安。21日美国债券拍卖后，全球债 券市场也震动不已。 新华财经纽约5月22日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2025年6月黄金期价22 日下跌0.56%，收于每盎司3295.10美元。 金价花五年时间站上了2000美元，但是仅用几周时间就站上了3000美元。市场分析人士认为，金价本次 上涨背后有许多不同的驱动力。除了传统的实际收益率，还加上了经济衰退风险、关税、贸易战、以及 市场对地缘政治紧张局势的担忧。 尽管过去十二个月增长了40%，市场分析人士认为金价还有增长空间。 与此同时，渣打银行预计金价未来7个月将下跌约10%。 技术层面，黄金期货多头近期已具有整体的技术优势。 当天7月交割的白银期货价格下跌1.39%，收于每盎司33.18美元。 （文章来源：新华财经） 美国国债市场也不喜欢特朗普政府的新税收和支出法案。国会预算办公室表示，该法案将使2026年至 2034年间美国预算赤字增加3.8万亿美元。 美国劳工部22日公布的数 ...