Weekly

Gold shows the longest upward trend in recent years, and the fundamentals support the mid-term upward wave. Since the Russian-Ukrainian war, gold has become an important resource for central banks in various countries. The United States cut off Russia's use of swift to sanction Russia, and the international community has realized that there are major concerns about the US dollar as the world's settlement currency, especially in countries with trade disputes with the United States.

The United States sanctions are seven-wound boxing, which harms both people and themselves. China has increased its holdings of gold for more than a year, and reduced its holdings of US debt, which has promoted the international rush to buy gold. Official demand has driven private demand, and the market demand for gold has increased. Coupled with the fear that the implementation of tariffs in the United States will affect gold, make London's coffers empty and transfer to the North American market, speculative buying also supports the gold price to hit record highs.

There was not much economic data last week. Although the Fed intends to keep interest rates high for a longer period of time, it did little harm to the price of gold. After the middle of the week, the gold price remained above 2900. Although it failed to conquer above 2950, the rate of retreat was not large, and it maintained a trend of rising and falling.

Looking forward to this week, the United States will announce the PCE price index. At present, the Fed tends to maintain high interest rates to prevent inflation from rekindling. The weekend data will provide more clues about the price level. If inflation rises again, the Fed's next move may not be to cut interest rates or even raise interest rates, which will bring a test to the upward trend of gold. The market situation is a bit different, so let's refer to each other.