This time, even gold has started to watch the US-China talks' reactions.

In the past, gold rose because of market safe-haven demand; now, gold is rising because the market is worried every day about Trump tweeting.
But this time is different. On the eve of Trump's visit to China, gold suddenly experienced high-level fluctuations, and the reason is very subtle: funds are beginning to doubt whether the "global tension mode" will temporarily cool down.
In the past few years, US-China relations have been like a soap opera: "Did they raise tariffs today?" "Did they cut off chip supplies?" "Who sanctioned whom now?" Investors have been tortured by the plot to the point of mental breakdown.
As a result, now that both sides suddenly sit down to discuss AI, trade, and capital markets, the first reaction of capital is not excitement, but: "Is this real?"
Actually, the market most hopes to see three things. First, no more escalation of tariffs; second, no more unlimited expansion of semiconductor rules; third, no more frequent "financial decoupling."
Because global funds have already realized that what truly scares the market is not competition, but rules that change every day.
If this time both sides signal the "establishment of a long-term communication mechanism," global risk assets may see a rebound. Especially Chinese assets, which have been undervalued by foreign capital in recent years; once the atmosphere improves, northbound funds may rush back like抢票 during Spring Festival travel.
Of course, don’t expect China and the US to suddenly become "transnational brothers." The core competition between both sides will not disappear; fields like AI, chips, energy, and military industry will still compete.
But what the market has always wanted is not "perpetual peace," but "don’t suddenly throw a tantrum."
The capital market is like love: arguments are not scary; what’s scary is blocking and deleting.
What global investors most want to see now is both sides reopening the chat window. #Gate广场五月交易分享