Last week, the spot price of gold in London settled at $4,538 per ounce, representing a weekly increase of 0.6%. Domestically, AU9999 gold closed at 985 yuan per gram, marking a weekly decline of 0.7%.
US Treasury yields continued their downward trend last week, with macroeconomic data providing marginal support for gold. On May 28, the US core PCE price index for April showed a year-on-year increase of 3.3%, fully in line with market expectations. Although it rose moderately from the previous reading of 3.2%, it did not exhibit an unexpected surge. Additionally, the first-quarter US GDP growth rate was revised down from an initial estimate of 2.0% to 1.6%, while initial jobless claims rose to 215,000, reflecting a deceleration in economic momentum. Following the data release, US Treasury yields and the US dollar index retreated, alleviating market concerns about the urgency of Federal Reserve rate hikes and consequently reducing the opportunity cost pressure on gold.
Oil prices experienced a significant decline last week, primarily driven by heightened expectations of a US-Iran agreement. The market is betting on the reopening of the Strait of Hormuz, which has eased concerns over crude oil supply. Brent crude fell 8.31% for the week to approximately $92 per barrel. The drop in oil prices directly weakened imported inflation pressures, further cooling market anxiety about imminent Fed rate hikes. In the short term, the seesaw effect between oil and gold prices is quite pronounced.
Looking ahead, the core logic supporting gold's medium to long-term trajectory remains unchanged: central banks continue to purchase gold amid global "de-dollarization" efforts, high US fiscal deficits are eroding dollar credibility, and gold's value as a strategic asset for hedging against sovereign credit and geopolitical risks remains solid.
Key signals for gold investment to monitor in the coming week include: (1) the US non-farm payrolls report for May, scheduled for June 5; and (2) developments in US-Iran negotiations.
Relevant Products
Gold ETF HuaAn (518880) / Link A (000216) / Link C (000217)
Gold Stock ETF HuaAn (159321)
Comparison of RMB-Denominated Gold and International Gold Price Trends
Data source: Wind, HuaAn Fund, as of May 29, 2026.
Risk Disclosure
Investors are advised to pay attention to the specific risks associated with investing in gold-themed funds, such as risks related to gold market volatility, potential deviations between the fund's portfolio returns and the returns of the domestic gold spot price, and risks associated with investing in the Shanghai Gold Exchange's gold spot market, among other major risks. The Gold Stock ETF is an equity fund primarily investing in constituent stocks and alternative constituent stocks of the target index, exhibiting risk-return characteristics similar to those of the index. The Gold Stock ETF may invest in stocks eligible for the Stock Connect program, exposing it to currency risk and specific risks arising from differences in the investment environment, investment targets, market systems, and trading rules under the Stock Connect mechanism. The fund management company does not guarantee that the aforementioned funds will be profitable, nor does it guarantee a minimum return. Past performance of the funds is not indicative of future results. The operational history of funds in China is relatively short and may not reflect all stages of market development. The market carries risks, and investing requires caution; investors bear their own risks. Before investing in a fund, investors should carefully read the "Fund Contract" and "Prospectus" and other legal fund documents to fully understand the risk-return profile of the fund product. Based on their own risk tolerance, investment horizon, and investment objectives, and after understanding the product and considering the suitability opinions of sales institutions, investors should make independent investment decisions and select appropriate fund products.
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