Last week (April 29-May 3) China coincided with the eve of May Day holidaySaudiarabia2029wintergamesAffected by the warming of the Fed's tightening attitude and the slowing geopolitical situation in two trading days (April 29-30), the gold market continued to adjust, and domestic investors turned to wait-and-see as a whole after the sharp cash the week before last.
In terms of market views, gold has started the new week in a relatively calm manner over the past week (4.29 to 5.3), closing with little change last Monday. However, gold prices began to fall last Tuesday, falling to their lowest level in more than three weeks, falling below $2290, or more than 2 per cent in a single day. On May 1st, the Fed kept monetary interest rates unchanged, but scaled back monthly bond redemptions to $25 billion, landing expectations of a slowdown in the contraction table, but only helped gold prices rebound briefly. From May 2 to 3, the US Bureau of Labor Statistics successively released data on unit labor costs and non-farm payrolls in the first quarter. Non-farm payrolls increased by 175000 in April, significantly lower than the 243000 increase expected by the market. Us bond yields and the dollar fell, but gold's performance remained weak.
It can be observed from the micro-market performance that the current situation in the gold market is very different from that in early April. At that time, the strong US non-farm payrolls data in March and the factors that delayed the pace of Fed easing under traditional logic such as the upward CPI could hardly dampen gold's rising enthusiasm. However, the reversal of the relevant data has led to a downward adjustment in the early strong US dollar and US bond yields, but it is also difficult to boost the faltering pace of gold, and the cashing pressure of short-term gold trading can be seen in general. As of the end of April, the net bulls held by COMEX funds in gold futures were down 7000 (5 per cent) from the previous week, but their overall positions were still at the end-March level and further encashment could not be ruled out.
For RMB-denominated gold, in addition to being affected by the Fed's tightening attitude and the slowing geopolitical situation, it may also be disturbed by the appreciation of the renminbi in the short term. After the Bank of Japan intervened in the exchange rate, the panic in Asian currencies was alleviated, and the release of short-term trading could bring action to the renminbi, which was relatively disadvantageous to the domestic gold price.
However, the medium-and long-term logic of gold has not changed, and the short-term market cooling is more of a normal adjustment to previously overheated trading. The rise of assets has never been plain sailing, only after the experience of momentum and waiting, the rising road of gold can be more robust and smooth.
In terms of market developments last week, the Fed scaled back its monthly bond redemptions. The Federal Reserve announced that it would keep the policy rate unchanged at the expected 5.25% Murray 5.5%. The Fed also said in its policy statement that it would reduce the debt redemption ceiling from $60 billion to $25 billion a month from June 1, slowing the pace of shrinking its balance sheet.
Us jobs figures for April fell short of expectations. Non-farm payrolls rose by 175000 in April, the U.S. Bureau of Labor Statistics announced today. The figure was lower than the 243000 increase expected by the market. Other details of the non-farm payrolls report showed that the unemployment rate rose slightly to 3.9 per cent, while the labour force participation rate remained unchanged at 62.7 per cent.
Boshi Gold ETF Fund (159937) and linked funds (002610j002611) track the performance of RMB gold prices through gold spot contracts invested in the Shanghai Gold Exchange. Investors can buy linked funds through official channels such as Boshi Fund APP and Boshi Fund official website, with a minimum of 1 yuan (specifically subject to the announcement of each channel), which further enriches the way investors invest in gold.
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