Analysts say gold's strength is related to central bank purchases, strong demand in Asian markets (especially China), and escalating geopolitical tensions in Ukraine and the Middle East.

Despite a strong demand for purchases, the risk factor for the rise in gold lies in the uncertainty of the Federal Reserve's monetary policy.

Looking ahead to 2024, some market strategists believe that gold prices are likely to continue to hit new highs next year, given that gold has gained a relatively healthy market environment.。

"Although gold prices retreated after rising to new all-time highs, bullish potential remains intact.。"

While analysts generally believe that the gold market has entered a seasonally strong point, they also believe that it will be difficult to break through all-time highs in the future.。

Faced with this eye-popping initial request, markets are once again predicting that the Fed's rate hike cycle is over。

Following the PPI and CPI data both cold, the market has begun to increase the Fed's expectations of the end of the rate hike cycle, and the unsatisfactory monthly rate of retail sales, is undoubtedly once again to add to this view。

Following the minutes of the Fed's ultra-hawkish monetary policy meeting, the "doves" of officials also appeared insignificant.。

Although optimistic about the market, but in the context of short-term gold price weakness, it may be too early to "buy on dips"。

For the recent weak gold price, a series of economic data released this week is extremely critical。In terms of the intensity and importance of data releases alone, this week will be a veritable "super week" of economic data.。

U.S. stocks closed last night, with the S & P 500 up 0.62% to 4293.93 points, up more than 20% from last October's low, stepping into a technical bull market in one fell swoop。

The price of gold has been boosted by cooling inflation and weakening expectations of a rate hike, with spot gold standing at $1,980 per ounce as of press time, at 1982..$28 / oz, the daily level is likely to record 5 consecutive positive。Some analysts believe that if the dollar falls further, gold prices are expected to challenge the $2,000 / oz mark。

On May 31, the United States has released May Chicago PMI data and April JOLTs job vacancies data, the Federal Reserve also released a brown book on economic conditions, according to the report shows that the jurisdictions of future economic growth is expected to decline slightly。In response, Fed Vice Chairman nominee Jefferson expressed his views in his speech。

On May 16, the U.S. Department of Commerce announced the monthly rate of U.S. retail sales for April.。While U.S. retail sales rose less than expected in April, the underlying trend remained solid, according to the data.。In addition, a lot of bad news was released at the same time yesterday, dragging down gold prices。Spot gold fell below $1,900 an ounce yesterday for the first time in nearly two weeks。

The U.S. debt ceiling crisis has been slow to resolve, and concerns about the risk of a U.S. debt default continue to provide safe-haven support for gold prices。On the first trading day of the week, gold prices stopped falling and recovered, stopping their daily line for three consecutive years.。

On May 3, local time, the Federal Reserve released the minutes of the May Federal Open Market Committee (FOMC) monetary policy meeting, raising the target range for the federal funds rate by 25 basis points to 5% to 5%..Between 25%。

On the evening of April 27, the U.S. Bureau of Economic Analysis released the initial annualized quarterly rate of the U.S. core PCE price index for the first quarter.。Data show that the core PCE price index in the United States in the first quarter of 2023 was 4.9%, higher than expected and previous values。

On April 25, U.S. Treasury Secretary Yellen said in a meeting with California business executives that if Congress fails to adjust the federal government's debt ceiling to lead to a default on its debt, it will trigger an "economic disaster" that will lead to higher interest rates in the coming years.。