Market performance
Precious metals market performance
Market review
In recent weeks, the market has adjusted the expected timing of the Fed's "first cut" backwards, and Fed Chairman Jerome Powell also hinted in his speech on Tuesday that the Fed may stay on hold longer than originally planned. At present, the market's expectations for the Fed's interest rate cut this year have converged to 1.5 times (which did not continue to converge significantly this week in the face of Fed officials' speeches), and the short-term dollar index and US Treasury yields can continue to rise rapidly in the short term.
Outlook for the market
CFTC longs and North American ETFs increased their holdings of gold in the first two weeks of March, and then until mid-April, it was mainly Chinese funds that bought gold. Recently, the bulls of gold producers have continued to increase to limit the adjustment of gold prices to the lower support of gold, and the high shock after the US dollar index and US bond yields rose to a key pressure level, which may re-drive overseas funds to buy gold, while the Middle East has fallen into a low-intensity "retaliation cycle" risk, which together leads to the possibility that funds may continue to favor gold, and the adjustment of gold is limited, and they can continue to increase their holdings at the right time.
London gold and gold producers are net long
London Gold
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