#Gate广场五月交易分享

## This Week’s Gold Market Summary

This week, international gold prices fluctuated and moved higher, breaking above the key level of $4,700 per ounce. The market rose amid a standoff between geopolitical conflict and expectations of Federal Reserve rate cuts.

**Early-Week Pressure and Pullback:** On May 4, as Middle East tensions escalated, oil prices surged, and the U.S. dollar strengthened, international gold prices plunged by more than $90 in a single day. New York gold futures briefly fell below $4,548 per ounce, and spot gold dropped to $4,537.8. Risk-off sentiment temporarily shifted toward the U.S. dollar and energy assets.

**Mid-Week Stabilization and Rebound:** As the conflict between Iran and the U.S. did not further escalate, the market began pricing in the logic of “geopolitical easing—oil price decline—rate cut expectations strengthening.” Gold rebounded from its lows. On May 6, New York gold futures recovered to above $4,600, with a gain of 0.71%.

**Strong Breakthrough After Non-Farm Payrolls:** On May 8, the U.S. released its non-farm payroll data. Although employment growth came in above expectations, slowing wage growth eased concerns about inflation. Combined with ongoing central bank gold purchases, spot gold broke through $4,700 per ounce. COMEX gold futures closed at $4,723.70 per ounce.

**Central Bank Demand as the Main Support:** The People’s Bank of China has increased its gold holdings for 18 consecutive months. In April, it added 8.1 tons—its fastest pace since December 2024. The global central bank “gold-buying rush” continues to provide bottom support for gold prices.

**Technical Picture Enters a Critical Range:** Gold is currently trading within the $4,700–$4,744 range. If it breaks above $4,744, it will open up upside room. Short-term support is at $4,685; if it falls below that level, it may retest $4,600.

**Core Conclusion for the Week:** Gold has shifted from being “data-driven” to being driven by both “expectations and positioning/allocation.” Geopolitical risk, central bank gold purchases, and rate cut expectations together build a strong setup. In the short term, it may continue with a consolidation-to-firm trend.