Risk aversion easing, resistance to gold price increases is obvious.

Recently, global risk aversion has cooled down, and international gold prices have fluctuated significantly. On May 14, the spot price of gold in London fell to below $3230 per ounce at one point, with the key level of $3250 per ounce continuing to be under pressure; COMEX gold futures prices also fell synchronously during trading, and domestic jewelry gold prices once again fell below the 1000 yuan mark. The latest data from the World Gold Council shows that global physical gold ETF inflows reached $11 billion in April, with the monthly inflow in the Chinese market already exceeding the total for the first quarter of 2025. Market participants indicate that the cooling of risk aversion in the market is the main reason for the adjustment in gold prices. Gold prices still have a long-term upward trend, but the short-term upward momentum has weakened.