June 3, 2026 A historic milestone in the structure of the global financial system: By the end of 2025, gold had overtaken U.S. Treasury bonds as the largest component of global reserve assets. With a share now of around 27 percent—up from 20 percent at the end of 2024—the precious metal has clearly left the U.S. securities, which slipped from 25 to 22 percent, far behind. This shift is more than just a footnote. It is the result of an unprecedented price rally, sustained central bank purchases, and a profound geopolitical realignment. Valuation Effects vs. Physical Demand Gold’s rapid rise to the top is largely driven by price movements. Nominal gains of around 60 percent in 2025 and about 30 percent in 2024 have catapulted the precious metal’s weighting on balance sheets. If we adjust for this extreme price effect and use the prices from late 2023 as a basis, the picture becomes more nuanced: In this scenario, U.S. Treasury bonds continue to dominate significantly with 26 percent, while gold and the euro are tied at 16 percent each. Nevertheless, behind the pure valuation effects lies a solid, physical foundation. Geopolitics dictates purchases Central banks remain the driving force in the physical market. Although their demand recently fell slightly to 863 tons—just below the 1,000-ton mark of the previous three years—the official sector’s appetite remains unquenched. Notably, the largest purchases come from regions that are specifically arming themselves against external conflict risks. Since Russia’s invasion of Ukraine in 2022, certain players have dominated the field: China increased its reserves by more than 350 tons. It was followed by Poland (320 tons), Turkey (220 tons), and India (130 tons). In 2025 alone, Poland once again secured the top spot as the largest buyer with around 100 tons, followed by Kazakhstan, Brazil, China, and Turkey. The motives behind this massive accumulation are structural in nature. Nitesh Shah, chief commodities analyst at WisdomTree, points out that the freezing of Russian central bank assets has set a precedent. The politicization of the U.S. dollar and other G7 currencies offers a massive incentive for many countries to reduce their dependence on these currency areas. Another crucial factor: spiraling government debt. Unlike bonds or fiat currencies , physical gold carries no counterparty risk—it is simply not the liability of another debtor. Structural Limits of Gold Reserves Despite this momentum, the sky is not the limit for gold. At the monetary policy level, the precious metal faces structural hurdles as an official reserve asset compared to major fiat currencies. It is price-volatile, yields no current interest income, and incurs storage costs. The most significant difference from bond markets, however, lies in the lack of elasticity: the physical supply of gold is inherently limited and cannot be expanded at will to respond to short-term shifts in international liquidity. Gold Outlook This paints a complex but extremely solid picture for the gold market. Even though demand has slowed somewhat since the start of the year, the World Gold Council expects central bank purchases of around 850 tons for the current year. Regardless of shifts driven purely by valuation, the precious metal has impressively reinforced its role as an indispensable monetary asset in a world marked by tensions and debt crises. With a share now of around 27 percent—up from 20 percent at the end of 2024—the precious metal has clearly left U.S. securities behind, which slipped from 25 to 22 percent. This shift is more than just a footnote. It is the result of an unprecedented price rally, sustained central bank purchases, and a profound geopolitical realignment. Source： https://goldinvest.de/en/major-shift-in-the-financial-system-gold-overtakes-u-s-treasury-bonds-in-global-reserves

June 2, 2026 The magic number is wavering, but it’s holding: The price of gold is currently struggling to break through the technically and psychologically crucial barrier of $4,500 per ounce. While the precious metal remains in positive territory, a surprisingly robust U.S. labor market is creating significant economic headwinds. For commodity investors, the key question now is: Is gold merely gathering strength at these high levels for the next breakout, or is the U.S. economy providing the Federal Reserve with the perfect excuse for a more restrictive interest rate policy? JOLTS data blows past forecasts The latest JOLTS report (Job Openings and Labor Turnover Survey) from the U.S. Department of Labor sent an unmistakable signal to the markets: Demand for labor in the U.S. is booming. Instead of the stagnation at 6.87 million job openings for April that economists had consensus-wise expected, the figure shot up to a whopping 7.62 million. That is not only a massive jump from the March figure (6.89 million), but also a substantial increase of around half a million available jobs compared to April 2025. A closer look at the sectors reveals a two-pronged economic dynamic: While the number of job openings in professional and business services rose sharply, the finance and insurance sector saw noticeable declines. Focus on Fed Policy: Headwinds for the Interest-Free Precious Metal Despite this extremely strong data, there was no immediate shock reaction in the gold market. Spot gold recently held steady at $4,502.90 per ounce, representing a moderate daily gain. However, the precious metal was unable to break out decisively to the upside. For analysts, the danger is obvious: such a resilient labor market gives the Federal Reserve (Fed) the necessary leeway to avoid being pressured into premature monetary easing in the fight against inflation. In this environment, even another interest rate hike by year-end is back in the spotlight for traders. Since rising interest rates increase the opportunity cost of non-interest-bearing investments like gold, the price automatically comes under pressure. Conclusion: The stalemate continues In the short term, the zone around $4,500 remains the absolute key area. As long as there are no dynamic follow-up purchases here to confirm this level as solid support, caution is advised. The gold market is caught between simmering inflation concerns and the prospect of persistently high interest rates. The coming weeks will show whether the JOLTS report was merely a statistical outlier or marks the beginning of a reassessment of Fed policy. Source: https://goldinvest.de/en/the-battle-for-usd4-500-why-the-hot-u-s-job-market-is-becoming-a-stress-test-for-gold

SMM Nickel News, June 3: Macro and market news: (1) Conflict reignited in the Gulf region: the US military struck Iran's Qeshm Island and fired at oil tankers, with air defense alarms sounding in Kuwait and Bahrain. (2) The General Office of the Shanghai Municipal People's Government issued the "Several Opinions on Deepening the Development of Shanghai as a Global Asset Management Center." The opinions stated that by 2030, Shanghai's asset management scale is targeted to reach 55 trillion yuan, accounting for one-third of the national total; the launch of LNG futures and options will be accelerated, and preparations for R&D of electricity futures and computing power futures will be made; the institutional opening-up of the gold market will be steadily expanded, and cooperation between Shanghai and Hong Kong gold markets will be supported. Spot market: On June 3, SMM #1 refined nickel prices fell 450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 700 yuan/mt, down 100 yuan/mt from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -700 to 300 yuan/mt. Futures market: The most-traded SHFE nickel 2607 contract fluctuated lower in the morning session, closing at 143,670 yuan/mt, up 0.64%. In the short term, nickel prices are expected to remain supported by costs on the downside while capped by inventory buildup on the upside. The reference range for the most-traded SHFE nickel contract is 138,000-148,000 yuan/mt.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Saw Its Price Center Edge Down from Highs, with the Spot Market Dominated by Only Sporadic Rigid Demand]

The General Office of Shanghai Municipal People's Government recently released "Several Opinions on Deepening the Development of Shanghai as a Global Asset Management Center." The key policies related to the gold market are as follows: (3) Enhancing the Influence of "Shanghai Price" Promote the authorization of commodity futures settlement prices to more overseas exchanges, support the "going global" of delivery services, continuously enhance the reach of benchmark prices for commodities and gold, and expand application scenarios for "Shanghai Gold." (13) Facilitating Allocation Channels at Home and Abroad Steadily expand institutional opening-up of the gold market, and support cooperation between the Shanghai and Hong Kong gold markets.

[SMM Precious Metal Express] Shanghai issued guidelines to deepen the development of its global asset management center, targeting RMB 55 trillion in AUM by 2030, accounting for one-third of the national total. The guidelines also aim to steadily expand institutional opening of the gold market, enhancing Shanghai's influence and pricing power in the international precious metals market.

Published on: May 29, 2026 Hong Kong is set to fire the starting gun on a gold clearing mechanism this July, a move that deepens its lead over Singapore and sharpens its challenge to London’s centuries-old grip on the global bullion trade. The clearing platform lies at the heart of Hong Kong’s push to set regional gold prices. By boosting liquidity and enabling a local benchmark, it marks the city’s most concrete step yet toward becoming a full-fledged international gold hub. Singapore, by contrast, has signalled similar ambitions but offered no timeline — leaving Hong Kong with a clear first-mover edge. Powering that ambition is mainland China, the world’s largest gold consumer. Massive, steady cross-border bullion flows already anchor Hong Kong’s hub status. Now a wave of retail-friendly moves by mainland banks — slashing risk ratings on gold products, extending night trading hours, cutting fees and upgrading investment plans — is lowering the bar for investors and funnelling fresh demand straight into the Hong Kong pipeline. On the ground, the city is rapidly stitching together a one-stop ecosystem spanning trading, refining and storage. A cluster of top-tier precious metals refiners already operates here. Mainland refiner Dianjin International is expanding its Hong Kong footprint with a new facility due online in 2026. That same year, logistics giant SF Holding plans to build a dedicated gold vault at Hong Kong International Airport, plugging a key storage gap. Singapore, with just a single London Good Delivery-accredited refinery, simply cannot match that industrial breadth. The two rivals are betting on different strengths. Singapore leans on high-capacity, ultra-secure vaults to attract gold storage and haven flows. Hong Kong, leveraging its position as the gateway to mainland China and North Asia, is drilling into the core of the value chain — trading, refining and circulation — to capture the pricing action. Analysts flag the summer lull in gold markets as an ideal window for Hong Kong to build reserves and iron out the new clearing system with minimal friction. Financial heavyweights are lining up behind the play. JPMorgan, UBS and Citigroup, alongside local Hong Kong banks, are actively building out their gold market presence, while Chinese banks continue to bulk up precious metals teams. Mainland securities houses, futures firms and fintech players are also streaming into the city, staffing trading desks and hiring talent — all chipping away at London’s historical lock on the global gold trade. Underpinning it all is Hong Kong’s broader financial firepower. The city recently leapfrogged Switzerland to become the world’s largest cross-border wealth hub. Fuelled by mainland inflows, deep equity markets and two-way capital channels, it has the raw ingredients to nurture a mature gold futures market — one that could pool global capital, offer price-risk hedges and amplify the city’s voice in regional gold pricing. The big picture is clear: the gold industry’s centre of gravity continues to tilt eastward. With unmatched mainland demand, a full-spectrum supply chain and deepening institutional muscle, Hong Kong is rapidly evolving from a regional trading post into an Asian nerve centre that combines trading, refining, distribution and pricing — bringing the vision of an Asian gold hub into sharp relief. Source： https://nai500.com/blog/2026/05/hong-kong-pulls-ahead-in-asias-gold-hub-race-with-july-clearing-launch/

May 31, 2026 Over the past two weeks, the price of gold has failed to recover further. Instead, its failure to break through the falling 50-day moving average increased downward pressure, causing gold to be pushed back down to $4,366 this morning—and thus to the 200-day moving average—amid the resurgent Iran crisis. Silver presents a similar picture; here, even lower price targets are in play. Overall, precious metals have been in a healthy but treacherous and confusing correction since the end of January, one that is likely not yet over. The ongoing conflict in the Middle East remains the dominant and highly unpredictable risk factor for commodity and financial markets . A sustainable solution does not appear to be in sight. Rather, physical oil and gas shipments through the Strait of Hormuz remain well below pre-crisis levels. Europe’s reserves have so far cushioned the supply bottlenecks but are now nearing depletion. As long as the logistical bottlenecks remain unresolved, volatility will stay high. In addition, the vulnerability of financial markets is increasing. Short-term signs of peace can abruptly push oil prices down, while setbacks or military escalations drive them back up just as quickly—an environment in which precious metals are also suffering. On the macro side, however, the dilemma for risk assets is intensifying, particularly for the heavily overbought stock markets. The recent price increases caused by rising energy prices heighten the risk of accelerating inflation, meaning central banks could be forced to raise interest rates and tighten monetary policy. Whether the central banks can actually implement this at all, given the complex and fragile starting point, remains questionable, however. However, the mere expectation of higher real interest rates could put further pressure on the gold price, even if this interest rate trend ultimately fails to materialize. At the same time, rising energy prices are supporting the inflation outlook and, in the long term, the demand for inflation-protected assets . China continues to shift into gold Chinese holdings of U.S. Treasury bonds, as of May 25, 2026. © Bloomberg At the same time, China’s holdings of U.S. Treasuries have fallen to their lowest level since 2008, while official gold reserves continue to rise. China is thus consistently shifting assets from dollars to gold. However, the decline in Treasury holdings is also, to some extent, a matter of accounting. A significant portion of China’s reserves was apparently held through custodians such as Belgium or transferred to the balance sheets of state-owned banks. Economically, the exposure to U.S. Treasury bonds thus remains, even if it no longer appears directly under China’s name in official statistics. The composition has therefore changed more significantly than the actual risk. What is changing, however, is the nature of sovereign risk management. Like other strategically minded nations, China is gradually reducing its vulnerability to assets carrying political counterparty risk. While U.S. Treasuries are liquid and deeply traded, they ultimately remain claims within a Western-dominated financial system. Under extreme conditions, they can be frozen or subject to sanctions. Gold, on the other hand, has no issuer, no counterparty risk, no digital barriers to access, and has been money for millennia. The Chinese are not seeking an abrupt exit from the Western financial system, but rather a reduction in dependence and greater freedom of action. Nevertheless, the price of gold has been in a correction since the end of January, which, in our view, is more than justified and, above all, healthy following the spectacular gains of the past three and a half years. Semiconductor Boom vs. Dot-Com Bubble, May 27, 2026. © The Great Martis The only real cause for concern is that stock markets have recently surged into parabolic price movements amid a very fragile, geopolitically strained environment. The AI rally has driven semiconductor stocks in particular into completely overvalued territory: The semiconductor sector is currently more overbought than it has been in twenty years. NVIDIA is trading at a trailing P/E ratio of around 33 and has posted a 44% gain in the last two months alone. Micron Technology has seen its share price rise by 1,450% over the past 14 months! Margin levels (i.e., speculative trading on credit) stand at approximately $1.3 trillion (5.2% of GDP), exceeding the peak levels of 2008 and the dot-com era. Should a reversal and correction occur here, precious metals are likely to be dragged down with them in a temporary liquidity crunch. That is why we would like to mention our worst-case scenario of $3,500 for the gold price once again at this point. Gold – Our price target “200-day line” was reached today Gold in US dollars, daily chart as of May 28, 2026. © GOLD.DE As suspected, the falling 50-day line ($4,628) has stopped the gold price twice on its way up over the past six weeks. In light of this difficult-to-overcome and psychologically burdensome barrier, a new, sharp downward wave began on May 12, which today reached our repeatedly mentioned price target in the form of the 200-day line ($4,392). This means that, in our view, the bulk of the correction potential for the gold price has been exhausted for now. We had consistently emphasized that the first support level at the 200-day moving average of $4,100 from March 23 did not constitute a sufficiently solid foundation. However, the problem is that the silver price has not yet reached its 200-day moving average (US$66.56) during the correction that has been underway since late January, and no real panic has yet been observed in the precious metals sector. Despite the already oversold conditions in the gold market, we would therefore not be surprised to see the correction continue down to the lower Bollinger Band on the weekly chart ($4,289). Overall, the price action reflects a typical spring correction. We already see buying opportunities again between $4,250 and $4,400. We initially expect a bottom to form in this range, which should then lay the foundation for a foreseeable recovery and the summer rally. Conclusion: Gold – Correction Continues, Buying Opportunities Ahead Gold and silver have been undergoing a healthy but not yet complete correction since late January: Gold failed twice at the falling 50-day moving average and has now fallen back to its 200-day moving average. Silver, on the other hand, still faces significantly more downside risk, as the 200-day moving average has not yet been tested at all. Although a test of the lower weekly Bollinger Bands around $4,280 on the gold market would therefore not be surprising, we already see attractive entry prices between $4,250 and $4,400. However, macroeconomic and geopolitical risks remain high and are increasing volatility in the short term: The Iran crisis and the ongoing bottlenecks through the Strait of Hormuz continue to weigh on commodity and energy markets and weaken Europe’s security of supply. In the long term, however, China’s shift from U.S. Treasuries to gold supports demand for precious metals. Only a broad-based sell-off in the heavily overbought stock markets—driven by high margin leverage and an overheated semiconductor/AI rally—could also put gold under significant short-term pressure in the event of a liquidity crunch; our worst-case scenario therefore remains $3,500. Source： https://goldinvest.de/en/gold-correction-continues-buying-opportunities-are-emerging

May 26, 2026 The gold market is currently putting investors through a real stress test: Since the outbreak of the U.S.-Iran conflict in late February, the spot price has fallen by about 14%. Oil price shocks, renewed inflation fears, and a strong US dollar are taking a massive toll on the precious metal. But while short-term capital is flowing out, major banks like JPMorgan continue to see entry opportunities in the medium term. Toxic macro environment is holding investors back The steep rise in oil prices has dashed hopes for rapid interest rate cuts by the US Federal Reserve for the time being. For gold , the combination of persistent inflation, rising bond yields, and a robust dollar is creating strong headwinds. Market data reflects this as well: institutional investors’ buying interest has almost completely dried up. Aggregated open interest and volume data for COMEX gold futures are weak, ETF inflows are stagnating, and the net positioning of speculative capital (“managed money”) remains at low levels. Quite simply, too little fresh capital is flowing into the market. Analysts adjust—but the trend remains intact Major banks have now reacted to this short-term buyer’s strike. On Sunday, JPMorgan lowered its average gold price forecast for 2026 from $5,708 to $5,243 per ounce. Shortly before that, ANZ had already revised its year-end target downward to $5,600. What is remarkable, however, is not the adjustment itself, but what remains unchanged: the fundamental long-term assessment. The $6,000 scenario for 2026 Despite the current dip, JPMorgan is sticking to a price target in the $6,000 range for the end of 2026. The analysts’ reasoning: Once the geopolitically driven energy shock subsides and inflation data stabilizes, monetary policy pressure will ease. If this scenario materializes—expected to begin in the second half of 2026—the path will be clear for a double wave of demand: Institutional investors will return to the market, while central banks are likely to resume their gold accumulation. Conclusion: The gold market is undergoing a painful but logical transition phase. The recent downward revisions to forecasts merely alter the timeline, not the fundamental direction. Those who weather the current macroeconomic turbulence are positioning themselves for the next major demand cycle. Source： https://goldinvest.de/en/gold-why-banks-are-targeting-usd6-000-despite-a-14-price-drop

25 May 2026 3:10PM Goldman Sachs reiterated its bullish view on gold, sticking with its forecast for prices to reach $5,400 per troy ounce by year-end as the bank lifted its expectations for central bank demand and projected stronger official-sector buying through 2026. The Wall Street bank revised its proprietary model tracking central bank gold purchases after determining that it had been consistently undercounting demand since August 2025. Under the updated calculations, its 12-month moving average estimate climbed to 50 tonnes per month in March, up from 29 tonnes previously. The revised data suggest central banks acquired 66 tonnes of gold in January, compared with an earlier estimate of only 12 tonnes. Goldman said the change was prompted by a widening disconnect between falling inventories in London vaults and official U.K. trade statistics. Although bullion outflows from London storage facilities continued to rise, British export figures no longer appeared to fully account for those movements, implying that some sovereign transactions were taking place outside recorded trade flows. “We therefore adjust our nowcast by adding the discrepancy between London vault outflows and UK net exports as unrecorded sovereign gold flows,” Goldman strategists Lina Thomas and Daan Struyven said in a note. The bank now expects central bank purchases to average 60 tonnes per month throughout 2026, citing survey results that showed “strong underlying interest in gold.” Goldman added that geopolitical developments “are likely to reinforce diversification over time — both for central banks and private investors.” Still, the strategists cautioned that gold could face short-term pressure during periods of market stress. “Gold’s high liquidity makes it a natural source of cash if private investors face liquidity needs,” they wrote, warning that equity market weakness tied to higher interest rates or slowing growth could trigger temporary selling. Goldman’s forecasting model relies heavily on U.K. customs data because London’s over-the-counter gold market remains the main hub for sovereign bullion transactions. With minimal domestic production in the U.K., all gold traded there must first be imported before being stored or exported, making trade flows an effective proxy for tracking the final destination of global gold demand. This article was written by the editorial team at InvestorsHub/ADVFN and is provided for informational purposes only. In some cases, editorial staff may use artificial intelligence–based tools to assist in the research, drafting, or editing of content, under human review and oversight. This article does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. The views expressed are based on publicly available information believed to be reliable at the time of publication, but accuracy or completeness is not guaranteed. Readers should conduct their own independent research and consult a qualified financial professional before making any investment decisions. Source： https://uk.advfn.com/market-news/article/16208/goldman-reiterates-bullish-gold-forecast-on-stronger-central-bank-demand