On May 11th Asian session, international gold prices opened lower and moved weakly with fluctuations. As of today, spot gold is quoted at $4692.24 per ounce, down 0.49% for the day, briefly dropping to around $4680 during trading. Regarding domestic gold prices, the basic gold price is approximately 1035 yuan per gram, and the listed price of branded gold jewelry is concentrated between 1437-1438 yuan per gram.

In terms of influencing factors, today’s market was mainly driven by geopolitical news—over the weekend, US-Iran nuclear talks stalled, with Iran rejecting the proposed plan from the US. Trump responded that their reply was "completely unacceptable." This news caused oil prices to surge over 3%, and the US dollar strengthened simultaneously, putting short-term pressure on gold prices. Meanwhile, last week’s US non-farm payroll data exceeded expectations but did not cause a significant plunge in gold prices. The market’s expectation for a rate cut within the year remains low, and with mixed bullish and bearish factors, gold is in a high-level technical correction phase rather than a trend reversal.

From a technical perspective, spot gold remains under short-term pressure, with key resistance at the $4715-4720 range. Support levels are at around $4678-4680, and a further break below would focus attention on the $4660-4650 zone. Currently, gold prices are near the middle band of the Bollinger Bands, awaiting this week’s European Central Bank decision and US CPI data to clarify the direction. In the medium to long term, the ongoing central bank gold purchases, geopolitical risk premiums, and the Federal Reserve’s potential rate cut expectations continue to provide strong support for the gold price bottom. #Gate广场五月交易分享