On Monday, April 28th, at the start of the Asian market, spot gold prices experienced a slight fluctuation and drop. Gold prices initially rose to $3336.46 per ounce at market opening but quickly lost gains and are currently trading around $3310, a decline of about 0.16%. After several consecutive days of a selling storm, the momentum in the gold market has significantly weakened, with the bullish sentiment among Wall Street institutional investors and retail investors reversing. The latest weekly gold survey from Kitco shows that a few analysts and retail investors remain bullish, but overall market sentiment has clearly shifted.
Last week, spot gold staged a thrilling rollercoaster performance. Amidst the light trading during the Easter holiday, gold prices steadily climbed, reaching $3430 on Monday and even surpassing the historical threshold of $3500 during the Asian session on Tuesday. However, this surge was short-lived, as profit-taking and a softened U.S. trade stance led to a sharp plunge in prices to $3260 during the North American session on Wednesday. Thereafter, the market engaged in a tug-of-war within the range of $3260 to $3370, ultimately closing near the psychological level of $3300 on Friday, settling at $3316.26 per ounce.
This week is set to be a "super week," with U.S. employment data taking center stage. The JOLTS job openings data will be released on Tuesday, followed by the ADP employment report on Wednesday, initial jobless claims data on Thursday, and culminating with the non-farm payroll report for April on Friday. Other significant data include the Canadian federal election, U.S. consumer confidence index, preliminary U.S. Q1 GDP figures, existing home sales data, and the Bank of Japan's policy meeting.
In terms of global central bank dynamics, this week will feature the Bank of Japan's policy meeting, and several U.S. Federal Reserve officials will also deliver speeches. Additionally, progress in trade negotiations remains a focal point for the markets. Although President Trump's negotiation team has engaged in rapid trade talks with international officials, many countries remain cautious about whether higher tariffs can be avoided, as the market awaits more detailed agreements.
On the geopolitical front, meetings between U.S. President Trump's envoy and Russian President Putin, as well as progress in U.S.-Iran nuclear negotiations, could impact the gold market. With the changing global economic and political landscapes, fluctuations in the gold market may intensify, and investors should closely monitor upcoming crucial data and events.
