On May 6, the international gold market experienced another round of sharp fluctuations. After opening, prices climbed steadily from $4,557 per ounce, reaching $4,678.54 per ounce by the time of reporting, equivalent to ¥1,025.54 per gram, representing an intraday increase of 2.7%. Domestic gold prices in China followed suit. On May 5, the prices of gold jewelry from brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook fell to around ¥1,390 per gram. By May 6, the quoted prices for gold jewelry from multiple brands had once again surpassed ¥1,400 per gram. Taking Chow Tai Fook as an example, the price on May 6 was quoted at ¥1,413 per gram, an increase of ¥21 compared to the previous day. Looking back over the past month, gold prices have continued to fluctuate at high levels. On March 23, influenced by a combination of factors including hawkish expectations from the Federal Reserve, rising oil prices pushing up inflation and interest rate expectations, profit-taking at high levels, and technical breakdowns, international gold prices fell to $4,097.99 per ounce, hitting the year's low and erasing all gains made since the beginning of the year. After hitting bottom, gold prices began a volatile upward trend, reaching $4,888.89 per ounce on April 17, marking a near one-month high, equivalent to ¥1,071.22 per gram. Entering late April, gold faced significant pressure due to the Federal Reserve's hawkish stance and a strengthening U.S. dollar, leading to multiple sharp single-day declines. On April 21 and 28, prices plummeted by 2.09% and 1.86% respectively, falling to $4,509.43 per ounce, equivalent to ¥986.32 per gram. On the evening of May 1, prices briefly rose to $4,660.07 per ounce before declining again, touching the $4,500 per ounce mark on May 4, equivalent to ¥986.03 per gram. On May 6, international gold prices saw a rapid rebound, climbing back above $4,600 per ounce, showing a short-term trend of "falling first, then rising." On April 29, the World Gold Council released the latest data showing that amid increased volatility in global markets during the first quarter of the year, central banks continued to expand their gold reserves, with net purchases reaching 244 tons. This figure not only exceeded the 208 tons recorded in the fourth quarter of last year but also set a new quarterly high in over a year. Industry analysis suggests that although the high-interest-rate environment has exerted periodic pressure on gold prices, continued central bank purchases have provided support to the market. Against a macroeconomic backdrop of persistent uncertainty, gold's dual attributes as a safe-haven asset and a reserve asset mean that this round of allocation adjustments amid price fluctuations is further strengthening its position in the global asset system. Qu Rui, an analyst at the Research and Development Department of Oriental Gold Trust, stated that the recent sharp fluctuations in gold prices are primarily due to the interplay of factors such as the pace of the Federal Reserve's monetary policy, the strength of the U.S. dollar, geopolitical risks in the Middle East, and inflation expectations driven by oil prices. It is recommended that retail investors view short-term gold price fluctuations rationally, allocate modestly with闲置资金, and avoid blindly chasing rallies or selling in panic, or following speculative trends.
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