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Global diamond production ranks first, and gold prices may continue to rise
Gold prices fell to around $3,324 on Monday, but quickly rebounded on the back of the escalation of the situation in Russia and Ukraine and bargain buying, and finally closed at $3,342.23, only slightly down 0.5%. This relatively strong trend exposes the special resilience of gold as a safe-haven asset. This trading day will also release the monthly rate of US durable goods orders in April, and investors need to pay attention.
the geopolitical powder keg continues to detonate gold prices, according to Refinitiv, US President Trump's latest statement calling Russian President Vladimir Putin "completely crazy" and considering new sanctions on Moscow is like pouring a barrel of oil on the already tense situation in Russia and Ukraine. Russia launched three consecutive nights of massive air strikes against Ukraine, including the launch of 355 drones and nine cruise missiles in a single day, the highest since the war. This military escalation directly stimulated safe-haven demand, allowing gold prices to always find strong support when they fall. It is worth noting that Trump's simultaneous criticism of Ukrainian President Zelensky exposed the inherent contradictions of US policy towards Ukraine. This uncertainty further strengthened the safe-haven charm of gold. The weakness of the dollar and the extension of tariffs provided double support. The dollar index fell to a four-week low of 99.69 on Monday, providing natural support for dollar-denominated gold. More crucially, Mr. Trump abruptly postponed his threat to impose 50 per cent tariffs on European Union goods, extending the deadline from June 1 to July 9. While the policy U-turn briefly dampened risk aversion, European Union executive chairperson von der Leyen's statement that he "needs more time to reach a good deal" hinted that the US-EU trade dispute was far from over. The warning by Michael Pfister, currency strategist at Commerzbank, is worth pondering: "Friday's threat suggests that the respite we have gained is only temporary" - a trade risk that could explode at any time, leaving gold's safe-haven properties always on standby. The rise of the euro holds new opportunities for gold