According to Golden Finance, during today’s trading session, the spot gold market experienced downward fluctuations, with the price hitting $3,380 per ounce. As of now, the intraday decline has reached 0.17%. This price change has drawn widespread attention from market participants.
The price of gold has been fluctuating recently. Looking back to the morning of April 21st, spot gold had been surging continuously, successfully breaking through $3,380 per ounce, with an intraday increase of approximately 1.5%, and even surpassing the 800-yuan per gram mark. The daily increase reached 1.85%, and it has shown an upward trend for the 11th consecutive trading day. At that time, the quotations for pure gold jewelry from major brands all exceeded 1,000 yuan. Chow Tai Fook and Lukfook jewelry were quoted at 1,039 yuan per gram, Lao Feng Xiang at 1,038 yuan per gram, and Chow Sang Sang Gold at 1,034 yuan per gram. However, on April 23rd, the “gold shock” event triggered market turmoil. Spot gold once dropped below $3,300 per ounce on that day, falling by 2.4% intraday. It hit a low of $3,291.62 per ounce, a significant drop of $200 from the historical peak set the previous day.
Since then, the price of gold has continued to fluctuate. By 11:30 on May 12th, the COMEX gold futures price was reported at $3,280.4 per ounce, down 1.90% on the day, reaching a low of $3,251.5 per ounce. Spot gold was quoted at $3,281.547 per ounce, down 1.35% during the day, hitting a low of $3,258.535. On May 14th, the international gold price further declined, with spot gold falling below $3,200 per ounce. As of the specific time of publication on that day, it had dropped by more than 2% to $3,180.79 per ounce. Up to now, the spot gold price has once again dropped to $3,380 per ounce.
Market analysts believe that multiple factors interweave and influence the gold market regarding the fluctuations in gold prices. The uncertainty of the global macroeconomic situation, the tension of the geopolitical situation, and the adjustments of monetary policies in various countries are all key factors influencing the trend of gold prices. For instance, when the uncertainty of the global macro environment rises, the safe-haven value of gold often becomes prominent, attracting investors to buy and driving up the price. Conversely, if market risk appetite improves and the demand for safe-haven assets declines, it may lead to pressure on the price of gold to fall.
In addition, the movement of the US dollar is also closely related to the price of gold. Generally speaking, a stronger US dollar will put pressure on the price of gold because gold is priced in US dollars, and the appreciation of the US dollar will make gold more expensive for investors holding other currencies. In the current complex and volatile market environment, investors still adopt a cautious and wait-and-see attitude towards the subsequent trend of the gold market, closely monitoring various macroeconomic data and geopolitical dynamics to seize the right moment for gold investment.
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