On April 30th local time, the Trump administration's attitude towards the Russia-Ukraine peace talks took a sharp turn for the worse. In an interview, White House envoy Kellogg bluntly stated that Russia's proposal for a "three-day ceasefire" was "absurd" and that the United States was seeking a "comprehensive and permanent ceasefire." This statement echoes Trump's previous tough stance. On April 23, he publicly criticized Ukrainian President Zelensky for "obstructing the peace process" and threatened that "if the negotiations fail, the United States will withdraw completely."

Recently, the gold market has presented a complex pattern due to the interweaving of multiple factors such as policies and economic data. On the one hand, the price of gold remains stable to some extent; on the other hand, the market is full of cautious optimism and potential uncertainty about the future trend of gold.

In recent days, the conflict between Russia and Ukraine has once again escalated, becoming the focus of global attention. After Putin proposed a 72-hour ceasefire, Zelensky angrily denounced it, saying that Russia was "trying to manipulate the situation again." The conflict between the two sides was further intensified, and this tense situation had a significant impact on the financial markets, especially the gold market.

The U.S. non-farm data for May will be released at 20:30 Beijing time on May 2, and the market focus will be on whether the labor market will continue to slow down. In March, non-farm employment increased by 228,000, far exceeding the expected 135,000. The unemployment rate rose slightly to 4.2%, but the wage growth rate slowed to 0.3% month-on-month. The data suggests the labor market remains resilient, but easing wage pressures could provide room for the Fed to shift policy.

On April 25, senior Federal Reserve officials made intensive statements, making it clear that there is no need to adjust monetary policy at this time and that interest rates will remain unchanged at 4.25%-4.5%. Behind this "pause button" is the double impact of the "stagflation" risk caused by the Trump administration's tariff policy and the Federal Reserve's independence crisis. Although market expectations for interest rate cuts have increased, Powell faces a difficult balance between "controlling inflation" and "stabilizing growth", and it will be difficult to release easing signals in the short term. Affected by this, the gold market showed a "roller coaster" trend, with intraday fluctuations exceeding US$20.

The gold market has experienced dramatic volatility recently, with Wednesday suffering its biggest one-day drop in nearly four years, sparking widespread doubts in the market about whether its strong rally can continue. After this dramatic fluctuation, the future direction of the gold market has become unclear, and investors and analysts have engaged in in-depth discussions on its trends and prospects.

Recently, global financial markets have been caught in turmoil, with the U.S. Treasury market being the hardest hit. The performance of safe-haven assets has also attracted attention.

On April 23rd local time, a coalition of 12 U.S. states filed a lawsuit with the New York International Trade Court, accusing the Trump administration's "reciprocal tariff" policy of violating the Constitution and asking the court to rule that the policy is illegal and block its implementation. States involved in the lawsuit include New York, California (which had previously filed a separate lawsuit), Arizona, etc., covering major economic centers on the east and west coasts, representing nearly 40% of the U.S. population and 50% of import trade volume.

On April 23, Beijing time, US President Trump suddenly changed his tone during a media interview at the White House, making it clear that he "has no intention of firing Federal Reserve Chairman Powell" and emphasized that "he hopes he will be more proactive on the issue of interest rates." This statement is in stark contrast to his public criticism on April 17 that Powell "acted too late and made mistakes" and "left as soon as possible."

On April 22, 2025, the international financial market was plunged into severe turbulence due to the fierce game between the Trump administration and the Federal Reserve. U.S. President Trump has repeatedly blasted Federal Reserve Chairman Powell on social media, calling him "the biggest loser" and "Mr. Too Late" and threatening to "fire him immediately."