Gold market analysis: US corporate activity resumed strong performance, and the downward pressure on gold prices continued to increase

Wang Gang of the Guangdong branch of the Bank of China said that US data shows that the US economy will once again achieve strong GDP growth in the second quarter. Not only did output rise as orders resumed growth, but business confidence also increased. The growth rate of business activity in the US accelerated sharply in May, reaching the fastest level in more than two years, indicating that economic performance improved in the middle of the second quarter. The manufacturing industry has been the main source of price increases over the past two months. Hopes that the Federal Reserve will cut interest rates during the summer or even during the year may be dashed, leading to increasing pressure on gold to pull back.

FX678 FinanceMay 24 03:46 ET

Gold Price Remains on the Defensive on Hawkish Fed

The higher-for-longer US rate narrative weighs on the yellow metal.

FXStreetMay 23 21:02 ET

Gold trading reminder: Initial request data and PMI data further weighed on expectations of interest rate cuts, and the price of gold plummeted by nearly $90

The price of gold continued to decline on Thursday, hitting a low of 2326.90 US dollars/ounce, a new low since May 9, closing at 2328.35 US dollars/ounce. The cumulative decline in the past two trading days was more than 90 US dollars. The US initial jobless claims data showed strong performance. Investors were concerned about the timing of US interest rate cuts and the strong performance of US corporate activity.

FX678 FinanceMay 23 20:23 ET

Gold market analysis: The Federal Reserve's minutes are hawking, and gold is being pressured and has retreated sharply

Wang Gang of the Guangdong branch of the Bank of China said that the price of gold fell sharply by more than 40 US dollars on Wednesday. The minutes of the Federal Reserve meeting show that the current cautious remarks made by Fed officials have lowered hopes for interest rate cuts, causing the market to worry that higher interest rates for a longer period of time will drag down demand. For this reason, the market has greatly reduced the probability that the Federal Reserve will cut interest rates in summer. Some agencies have given analytical opinions that it is impossible to cut interest rates until the fall or even within the year. As a result, gold's gains have cooled down, and investors have made profits.

FX678 FinanceMay 23 02:29 ET

Gold trading reminder: The minutes of the hawkish Federal Reserve meeting weighed on expectations of interest rate cuts, and the price of gold plummeted by more than $40

The price of gold fell by more than 40 US dollars on Wednesday, hitting a low of 2374.84 US dollars/ounce, closing at 2378.44 US dollars/oz. The minutes of the Federal Bank's last meeting showed that policymakers acknowledged disappointment with recent inflation readings, which helped the US dollar and US bond yields rise, causing gold bulls to make profits and clearly put pressure on the price of gold.

FX678 FinanceMay 22 19:13 ET

Gold trading reminder: Gold prices fluctuate below historical highs, awaiting guidance from the minutes of the Federal Reserve meeting

While the US dollar rose, the price of gold fell slightly on Tuesday, but remained near the record high set on the previous trading day, remaining above 2,400 US dollars, closing at 2420.73 US dollars/ounce, supported by risk aversion and the prospect of the US easing interest rate policy this year. Investors will keep a close eye on the minutes of the Federal Reserve's last policy meeting to be released on Wednesday.

FX678 FinanceMay 21 20:07 ET