Gold price hits record high, market enters defensive mode before Powell's speech.

The price of gold has broken through $5300 for the first time, rising over 20% since the beginning of the year. The current crisis of confidence in the US dollar has further increased the attractiveness of gold to overseas investors. Oanda's senior market analyst Kelvin Wong stated that the increase in gold prices is due to its strong indirect negative correlation with the US dollar, as well as Trump's response to the dollar, which reflects a general consensus within the White House that may be pushing for a weaker dollar. Trump also announced that he will soon announce the selection of the Federal Reserve Chairman, and it is expected that interest rates will fall once the new chairman takes office. Tastylive's Global Macro Director Ilya Spivak pointed out that considering the tension between the Federal Reserve's responsibilities and the White House's position, the market is just taking a defensive stance.