CPT MarketsPhysical gold buying and central bank buying support gold prices! Follow Beauty This Week5...

gold/dollar (XAUUSD)：

After a slight increase in gold against the US dollar last Friday, it closed in consolidation1945.27Nearby, gold prices were supported by physical gold purchases and central bank purchases.

In terms of positive factors

1. Central Bank Gold Purchase and Physical Gold Purchase: According to data from the World Gold Council, the demand for gold purchases by multiple central banks increased significantly in the first quarter of this year, leading to an increase in global central bank gold reserves228Among them, Singapore, China, Türkiye and India accounted for the largest part of the total purchase volume. Data shows that the Singapore Monetary Authority was the largest buyer among global central banks in the first quarter, with new purchases69Tons of gold; Purchased by the People's Bank of China58Tons of gold; Official gold reserves of Türkiye and India increased respectively30Tons7Tons; Czech Republic and Philippines increase respectively2Tons1Tons. It is worth mentioning that compared to the strong purchasing momentum, the pace of central banks selling gold in various countries is much milder. Since the beginning of the year, the net amount of central bank purchases has far exceeded the amount of sales. Analysts point out that against the backdrop of banking turmoil, ongoing geopolitical tensions, and a challenging economic environment, the role of gold as a safe haven asset is increasingly prominent. In this situation, the investment demand for gold is likely to increase this year; The central bank's gold purchases may also remain strong, and even if the purchase volume is likely to be lower than last year's historical high, it is still expected to become the cornerstone of supporting gold demand for the entire year.

In terms of bearish factors

1. The two parties in the United States are nearing a deal to raise the debt ceiling: according to a report last week, a Democratic president Biden Republican Speaker of the House of Representatives McCarthy An agreement is being reached to raise the federal government's debt ceiling over the next two years and set a cap on most federal fiscal expenditures. According to reports, the agreement is expected to26Date achieved. The White House stated that Biden and McCarthy have respectively appointed negotiators25Hold an online meeting on the day. A person familiar with the matter who requested anonymity stated that the agreement has not yet been finalized. Both sides agree to increase the federal government's discretionary spending on military and veterans' affairs, and maintain non defense discretionary spending at current levels.

2. Strong US Economic Data: Last Week's First Quarter Gross Domestic ProductGDPData from1.1%Up to1.3%Quarterly core personal consumption expenditure starts from4.9%Up to5.0%This confirms that the US economy is still in a good state of health. In addition, last Thursday, the US Department of LaborDOLThe published weekly data shows that as of5month20In the current week, the number of initial claims for unemployment benefits in the United States is22.910000 people, better than market expectations24.5Ten thousand. The number of applicants in the previous two weeks has been significantly revised down, indicating that the labor market is still strong.

Press from above(Upper resistance) 1945.20，1947.40； From the downward direction, the lower support1943.80。

CPT MarketsRisk Tips and Disclaimers : The above article content is for reference only and is not intended as future investment advice.CPT Markets The articles published are mainly based on international financial data reports and international news as reference.