Group 1 - The precious metals market in April exhibited three main characteristics: first, COMEX gold reached a historical high of $3509.9 per ounce before retreating, with policy expectations causing increased volatility, resulting in a monthly fluctuation exceeding 12% [1][2] - Second, silver lagged due to its industrial properties, with the gold-silver ratio climbing to 105.26, a 20-year high, although expectations for the peak season of photovoltaic installations hinted at an inventory turning point [1][2] - Third, the market's trading logic shifted from "stagflation hedging" to "interest rate speculation," with the uncertainty of the Federal Reserve's policy path becoming a core variable for price fluctuations [1][2] Group 2 - Looking ahead to May, the precious metals market may enter a "data validation period," with three core variables expected to dominate price trends: first, the Federal Reserve's May meeting, where despite expectations to maintain interest rates, any indication of liquidity easing could strengthen gold's anti-stagflation narrative [3] - Second, the "gray rhino" effect of global geopolitical risks continues to support demand for gold as a safe-haven asset [3] - Lastly, the realization of the peak season for photovoltaic installations is crucial, with China's first-quarter photovoltaic capacity additions increasing by 38% year-on-year, although declining component export prices may delay silver inventory replenishment [3] - The company maintains a strategy of "anchoring trends with gold and capturing elasticity with silver," focusing on support levels for COMEX gold around $3150 to $3250 per ounce and stronger bullish support for Shanghai gold futures near 760 yuan per gram [3]