Last week, international gold prices experienced a sharp drop. The price of the main gold futures contract on the New York Mercantile Exchange fell by 3.55% in total, ending the previous nine-week rally. This was also the largest single-week drop in international gold prices since November last year.

The U.S. ADP employment data for February was unexpectedly disappointing, far below market expectations. This result instantly ignited investors' sensitive nerves. The gold market was the first to react violently, and prices fluctuated sharply. At the same time, the evolution of expectations for the Fed's rate cut has entered a new stage, and the upcoming non-farm data is seen by the market as a key factor in determining the next direction of gold.

In January, non-farm employment increased by 143,000 (previous value revised up to 307,000), and the unemployment rate dropped to 4.0%, but the unexpected wage growth rate (4.1% year-on-year) raised inflation concerns. The market needs to verify whether the February data continues the combination of "strong employment + high wages" or shows signs of economic slowdown.

On February 27, local time, Canadian Prime Minister Trudeau issued a strongly worded response to the tariff policy that the Trump administration may implement. He made it clear that if the Trump administration implements "unreasonable tariff policies", Canada will immediately and strongly retaliate. This statement has made the already tense global trade situation even more tense.

週四，由於美元走強且投資者等待關鍵通膨數據以獲取聯準會貨幣政策線索，金價下跌至兩週來的最低水平。美盤初短線下挫近13美元，跌破2870美元/盎司，日內跌超1.60%，週五更是迎來新低點跌破2860美元/盎司。美元指數則是上漲超0.5%，站上107關口，進一步脫離近期的11週低點，使得以美元計價的黃金對其他貨幣持有者來說更加昂貴。美國10年期公債殖利率一度上漲逾1%，削弱了無息資產黃金的相對吸引力。

On February 26, local time, US President Trump confirmed that Ukrainian President Zelensky will visit the United States on February 28 to sign an important rare earth mineral agreement. This news has attracted international attention. The agreement is not only about Ukraine's efforts to gain US support, but also adds uncertainty to US-Russia diplomatic interactions.

The impact of the Trump administration's recent tariff threats on global capital markets has shown a significant blunting effect. Although policy uncertainty remains, the market volatility index (VIX index) has fallen from 22 at the beginning of the year to around 15, indicating that investors' immediate reaction to trade frictions is weak.

On February 21, 2025, the international gold market continued its violent fluctuations. The London spot gold price fell below $2,930 an ounce during the Asian session, down nearly 1.5% from the historical high of $2,954.72 set the previous trading day, and then stabilized around $2,940.

Former US President Donald Trump launched a sharp accusation against Ukrainian President Volodymyr Zelenskyy via social media on February 20, calling him an "unelected dictator" and demanding urgent action. Gold, as a non-sovereign credit anchor, has its political weight in its price formation mechanism being accelerated by the market.