The New York gold market is showing some interesting movements. According to last week's data, COMEX gold futures in New York fell 0.75%, closing at $4,813.90 per troy ounce. It's not a huge drop, but the background is all about the movement of the dollar.

Looking at Bloomberg reports, hedge funds are becoming bearish on the dollar. As negotiations between the US and Iran progress, the dollar's rise has almost been offset. The dollar index, which rose 2.4% in March, has fallen 1.9% in April. Harvard professor Kenneth Rogoff also points out that the dollar is at least 20% overvalued, which likely increases market anxiety.

The reason New York gold is attracting attention is because, amid increasing global economic uncertainty, gold continues to serve as an important source of liquidity. Last month, the London Bullion Market Association and the World Gold Council officially launched a platform demonstrating that gold is a high-quality liquid asset, and regulators are trying to incorporate this into their oversight frameworks.

Silver is also a point of concern. It also fell 0.53%, closing at $79.11 per troy ounce, but the silver market reportedly faces a severe supply shortage. An annual supply deficit of 46.3 million troy ounces is expected for the sixth consecutive year. Mine production is nearly flat, recycling volumes are expected to reach record levels, yet demand still outpaces supply.