On May 6, local time, US President Trump announced that the United States had reached a ceasefire agreement with the Houthi armed forces in Yemen, and would stop air strikes on the Houthi armed forces from that day on. The decision came after the Houthis promised to stop attacking U.S. ships in the Red Sea and the Bab el-Mandeb Strait in exchange for the U.S. military ending its seven-week bombing campaign that cost more than $1 billion.

On Tuesday this week, the gold market continued to rise, with spot gold breaking through $3,385 per ounce at one point, up 1.5% on the day; spot silver also touched $33 per ounce, up 1.66% on the day. Against the backdrop of a weakening dollar and increasing trade policy uncertainty, gold's status as a safe-haven asset has been further strengthened.

On May 5th local time, the Israeli Security Cabinet formally approved the "Gideon Chariot" military plan, announcing that it would implement a full occupation of the Gaza Strip and forcibly relocate 2.3 million civilians to the southern region.

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.