Group 1 - Domestic gold prices remain stable overall, with some stores showing a shift from increase to decrease. The highest price today is 998 CNY per gram, while the lowest remains at 969 CNY per gram from Shanghai China Gold, resulting in a price difference of 29 CNY per gram between the highest and lowest stores [1][4]. - Specific gold prices from various brands are as follows: Lao Miao Gold at 992 CNY per gram (down 7), Liufu Gold at 998 CNY per gram (no change), Chow Tai Fook Gold at 998 CNY per gram (no change), and Zhou Liufu Gold at 978 CNY per gram (no change) [1][3]. - Platinum prices have seen a significant drop, with Zhou Shengsheng's platinum jewelry price falling by 17 CNY per gram to 550 CNY per gram. Additionally, the gold recycling price has decreased by 4.4 CNY per gram [4]. Group 2 - International gold prices experienced fluctuations, with a notable drop of over 50 USD, closing at 3275.29 USD per ounce, a decrease of 1.54%. However, as of the latest report, the price rebounded to 3300.38 USD per ounce, reflecting an increase of 0.77% [7]. - The decline in gold prices was attributed to positive U.S. economic data, which led to a two-month high in the U.S. dollar index and a rebound in U.S. Treasury yields. Ongoing U.S.-China trade negotiations have somewhat limited the extent of the price drop [7]. - The market is currently awaiting the release of U.S. GDP data, core PCE price index, and the Federal Reserve's interest rate decision, which are expected to influence gold prices further [7].

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The overall market shows a mixed picture with different commodities experiencing various trends such as震荡 (side - ways movement), decline, or potential for price adjustments. Different trading strategies are recommended for each commodity based on their specific market conditions [2]. 3. Summary by Commodity Categories Financial - **Stock Index Futures**: Indexes have stable lower support but face high upper - breakthrough pressure. Trading volume is low, and there is no clear trend. It is recommended to wait and see [2]. - **Treasury Bonds**: In the short - term, 10 - year Treasury bond rates may fluctuate between 1.65% - 1.7%, and 30 - year rates between 1.85% - 1.95%. The market is in a narrow - range震荡, waiting for fundamental guidance. Unilateral strategies suggest waiting and observing, while paying attention to high - frequency economic data and fund - flow dynamics. For the 2509 contract, a positive arbitrage strategy is recommended [2]. - **Precious Metals**: Gold fails to continue its upward trend due to a lack of clear drivers and may maintain a震荡 pattern. A strategy of selling out - of - the - money gold option straddles can be used to earn time value. Silver follows gold's fluctuations, and it is recommended to sell relatively out - of - the - money call options [2]. Black Metals - **Steel**: Industrial material demand and inventory are deteriorating. Attention should be paid to the decline in apparent demand. Steel mill maintenance is increasing, and hot metal production is falling from its peak. For the RB2510 contract, unilateral operations are on hold, and attention is given to the strategy of going long on materials and short on raw materials [2]. - **Iron Ore**: Attention is paid to the support around 670 - 680 [2]. - **Coke**: The second round of coke price cuts by major steel mills was implemented on the 28th. There is still a possibility of further price cuts, and it is recommended to short the J2509 contract at an appropriate time [2]. - **Coking Coal**: The market auction is continuously cold, coal mine production is at a high level, and inventory is high. There is still a possibility of price decline, and it is recommended to short the JM2509 contract [2]. Energy and Chemicals - **Crude Oil**: The macro - situation and supply - increase expectations are in a stalemate, and the market is waiting for the implementation of OPEC's production - increase policy. The WTI is expected to fluctuate between [59, 69], Brent between [61, 71], and SC between [440, 500]. For arbitrage, attention is paid to the INE month - spread rebound opportunities [2]. - **Urea**: Under high - supply pressure, the market is searching for a bottom in a震荡 pattern. It is recommended to use a medium - to - long - term band trading strategy and a short - term unilateral bearish strategy. The main contract's fluctuation range is adjusted to around [1800, 1900] [2]. - **PX**: Supply - demand conditions are marginally weakening, but the spot market is tight, so there is support at low levels. In the short - term, it will震荡 between 6500 - 6800. A light - position reverse arbitrage for PX9 - 1 can be tried, and the PX - SC spread can be shorted when it is high [2]. - **PTA**: Supply - demand conditions are marginally weakening, but raw - material support is strong. In the short - term, it will震荡 between 4600 - 4800, and a reverse arbitrage for TA9 - 1 is recommended [2]. Agricultural Products - **Live Pigs**: Supported by pre - Dragon Boat Festival stocking, attention is paid to the support at 13500 [2]. - **Corn**: The market price will震荡 around 2320 in the short - term [2]. - **Oils and Fats**: There are both bullish and bearish factors, and oils and fats are in a narrow - range震荡. Palm oil may reach 8100 in the short - term [2]. - **Sugar**: Overseas supply is expected to be loose. It is recommended to wait and see or conduct bearish trading on rebounds [2]. - **Cotton**: The downstream market remains weak, and bearish trading on rebounds is recommended [2]. Special Commodities - **Glass**: Market sentiment has weakened again. Attention is paid to the support at the 1000 - point level for the FG2509 contract [2]. - **Rubber**: With a weak fundamental outlook, the RU contract has increased positions and declined. Short positions should be held, and attention is paid to the support around 13000 [2]. - **Industrial Silicon**: The industrial silicon futures are still falling under high - supply pressure, and the fundamentals remain bearish [2]. New Energy - **Polysilicon**: Polysilicon futures have stabilized and are in a震荡 pattern. If there are long positions, hold them cautiously [2]. - **Lithium Carbonate**: The market is in a weak震荡 adjustment, and the main contract is expected to trade between 58,000 - 62,000 [2].

Core Viewpoint - International gold prices experienced fluctuations but managed to stabilize and close slightly higher, maintaining the $3200 per ounce level, although the path to recovery remains unclear [1][2] Economic Indicators - The U.S. April CPI data released was slightly below market expectations, indicating no abnormal rise in inflation, which supports the U.S. government's pressure on the Federal Reserve to lower interest rates [1] - The market's risk appetite has improved due to substantial progress in U.S.-China trade talks [1] Market Dynamics - The dollar index fell rapidly from a high of 102, and if it continues to decline, it could provide stronger support for gold prices in the short term [1] - Ongoing regional conflicts continue to drive strong long-term safe-haven buying for gold [2] Technical Analysis - Gold prices are expected to remain within the $3150-$3450 range in May, with $3400 and above acting as a major resistance zone [2] - Currently, gold is in the lower-middle part of the fluctuation range, and if it confirms support at the $3200 level, the chances of an upward movement will increase [2] - The daily chart shows gold maintaining near the 30-day moving average, indicating signs of stabilization, but it needs to break through resistance to confirm a recovery trend [2] Short-term Outlook - The focus for gold prices is on the $3225-$3265 range; a breakout above this could lead to a challenge of the $3300 resistance, while a breakdown could test the $3200 support again [2]