#Gate广场五月交易分享 Gold spot prices on May 4th are struggling around the $4,600 mark, with increased volatility in the early trading session. During the Asian trading hours, gold prices first fell below this level, then rebounded and stabilized, closing the day with a slight increase of 0.02%.

Today’s movement is mainly influenced by intense battles between bullish and bearish factors. On the bearish side, the Federal Reserve maintains a hawkish stance, and market expectations for rate cuts this year have essentially been abandoned; at the same time, inflation pressures continue to intensify, with the March PCE price index rising to its highest level in nearly three years. Additionally, although there are signs of easing in the Middle East situation, the outlook remains uncertain, and statements from the Trump administration could further escalate geopolitical tensions.

However, bullish support remains solid. The People's Bank of China has continued to increase its gold holdings, and central banks in emerging markets like India are also actively buying gold; structural factors such as high global debt levels and weakened dollar creditworthiness still support gold prices; further optimization of China's gold import and export management is also expected to boost physical demand.

Several institutions forecast that gold will mainly fluctuate within a range in May. In the medium to long term, firms like Morgan Stanley and Goldman Sachs remain optimistic about gold prices, with Morgan Stanley setting a target price of $5,200 per ounce for the second half of the year.