28 Apr 2026, 05:00 AM Gold steadies as traders await Iran talks and key central bank cues. Firmer dollar and higher oil prices limit bullion’s safe-haven appeal. Fed outlook and Hormuz risks keep gold locked in a narrow range. Gold prices were little changed on Tuesday after giving up earlier gains, as investors weighed uncertain US-Iran diplomacy and a heavy week of central bank decisions against the pressure of a stronger dollar and firmer oil prices. Bullion found some support from persistent geopolitical risk, but that was offset by caution over the outlook for interest rates. Spot gold was broadly steady at $4,679.06 an ounce, while US gold futures were little changed at $4,693.20. The market tone suggested investors were reluctant to build large positions before clearer signals emerged from Washington, Tehran and the world’s major central banks. US dollar and oil curb demand The immediate drag on gold came from currency and energy markets. The dollar strengthened as traders turned defensive after hopes for a quick breakthrough in US-Iran negotiations faded, while oil prices rose sharply on concern that tensions in the Middle East could keep supply routes under strain. That combination has proved difficult for bullion. Rising oil prices and a firmer dollar have recently weighed on gold by reinforcing a higher-for-longer view on interest rates and reducing the appeal of non-yielding assets. Gold had already fallen to an over one-week low around $4,697 in recent sessions, highlighting how the rally has lost momentum as yields and the dollar strengthened. Investors who had chased the metal higher earlier in the month are now reassessing whether geopolitical anxiety alone is enough to drive a fresh leg up. For now, the answer appears to be no. So long as oil remains elevated and the dollar stays firm, gold may struggle to break convincingly higher even when demand for safety remains intact. Central banks take centre stage The other major restraint is monetary policy. Investors are awaiting a series of interest-rate decisions and official comments that could help define whether borrowing costs stay restrictive for longer than markets had expected. The Federal Reserve is widely expected to leave rates unchanged, but the tone of its guidance will matter. A Reuters poll found that the Fed may have to wait at least six months before cutting rates as war-driven energy prices feed inflation, reinforcing the view that policy easing could be pushed further out. That matters for gold because higher rates and firmer bond yields increase the opportunity cost of holding bullion. Attention is also on other major central banks, including the Bank of Japan, the European Central Bank and the Bank of England. With oil back at the centre of the inflation debate, investors will want to know whether policymakers see the recent energy shock as temporary noise or a more durable threat to price stability. Iran talks remain the key geopolitical driver Developments between Washington and Tehran continue to shape the broader market mood. President Donald Trump was reported to be dissatisfied with Iran’s latest nuclear proposal, raising doubts about the chances of a quick diplomatic resolution. That has kept traders focused on the risk of further disruption across the region, especially around Hormuz, where shipping uncertainty remains a major issue for oil markets. For gold, the geopolitical backdrop is supportive in theory but complicated in practice. Safe-haven demand tends to rise when conflict intensifies, yet the same tensions can also push oil higher, lift inflation expectations and strengthen the case for keeping rates elevated. That is why bullion has stayed range-bound rather than breaking decisively in either direction. The result is a market caught between fear and restraint: enough anxiety to keep gold supported, but not enough to overpower the combined headwinds of a stronger dollar, higher yields and costly energy. Source: https://invezz.com/ie/news/2026/04/28/why-are-gold-prices-failing-to-surge-despite-rising-global-uncertainty/

By Zain Vawda 28 April 2026 at 07:18 UTC Referenced assets Gold prices are experiencing a selloff driven by rising oil prices (fueling inflation concerns) and dampened sentiment regarding a potential US-Iran deal Technical analysis indicates an accelerating bearish momentum, with Gold breaking below both the 100-MA and 200-MA on the H4 chart The primary downside target for sellers is the $4601 support level, while a relief rally would face resistance between the $4650 and $4700 zones. Gold prices experienced a selloff in the Asian session as Oil prices continue to rise, stoking inflation concerns. Markets continue to be driven by the potential for a deal between the US and Iran. As the situation is fluid any change in perception around a deal is knocking sentiment. Rumors that President Trump is not happy with the recent proposal submitted by Iran. This has dampened sentiment early on Tuesday and barring any comments is likely to remain the status quo for the European session. H4 Chart: Bearish Momentum Accelerates The H4 timeframe paints a clear picture of a market struggling to find its footing. After failing to sustain a break above the $4800 handle, Gold has plummeted through key support levels. Crucially, the price has slipped below both the 100-MA (Blue) and 200-MA (Orange) . The rejection at the $4700 psychological level earlier in the session acted as the catalyst for the current leg lower. With the RSI currently languishing in oversold territory (near 23), a short-term bounce wouldn't be surprising, but any recovery is likely to meet stiff resistance at the previous breakdown points. Gold (XAU/USD) Four-Hour Chart, April 28, 2026 Source: TradingView (click to enlarge) H1 Chart: Lower Highs and Structural Weakness On the H1 chart, the trend is undeniably bearish. We have seen a consistent pattern of lower highs and lower lows. The aggressive sell-off during the most recent candles has pushed Gold toward the $4620 area, slicing through minor support zones with ease. The gap between the price and the moving averages on this timeframe suggests the move is slightly overextended. However, the lack of a "bullish divergence" on the RSI indicates that the bears are still firmly in control. The $4601 level (highlighted by the purple horizontal line) stands as the primary target for sellers and the next major "line in the sand" for bulls. Gold (XAU/USD) One-Hour Chart, April 28, 2026 Source: TradingView (click to enlarge) M15 Tactical Analysis: Scenarios for the Upcoming Sessions Looking at the intraday price action (M15), we see Gold attempting to stabilize after a vertical drop. Here is how I am framing the upcoming sessions: The Bearish Scenario If Gold fails to reclaim the $4640 - $4650 zone during a relief rally, sellers will likely reload. A break below the recent swing low at $4620 would open the trapdoor for a move toward the $4601 support level. Target: $4,601. Trigger: Rejection of the M15 50-MA or a break of $4,620. The Bullish Scenario For a meaningful intraday recovery, the bulls need to orchestrate a "stop-run" back above $4650 . This would signal a potential "exhaustion gap" and could lead to a squeeze toward the $4680 area (near the H1 MAs). Target: $4,680 - $4,700. Confirmation: A 15-minute close above $4,655 with an RSI move back above 50. Key Levels to Watch: Resistance: $4650, $4687, $4700. Support: $4620, $4601, $4580. Gold (XAU/USD) M15 Chart, April 28, 2026 Source: TradingView (click to enlarge) While the long-term trend for Gold has been constructive, the short-term technicals are screaming caution. The decisive break below $4700 has shifted the momentum, and until we see a structural shift on the H1 (a higher high), I remain wary of catching the falling knife. Source： https://www.marketpulse.com/markets/gold-xauusd-selloff-deepens-technical-breakdown-and-rising-oil-prices-accelerates-bearish-momentum/

Although recent conflicts in the Middle East have caused short-term volatility in gold prices, the medium- and long-term outlook remains positive as high geopolitical risks, increasing fiscal deficits, and continued buying by central banks will continue to support the price of the precious metal.

Tuesday, 28/04/2026 | 17:51 GMT+8 by Damian Chmiel Gold falls 3% to $4,620/oz on Tuesday, April 28, 2026, testing three-week lows as Fed hawkish hold lifts dollar and Treasury yields. XAU chart shows $4,300 as the bull-bear line and a weekly close below targets $3,400 on a 100% Fibonacci extension, a 26% drop. JPMorgan still targets $6,300 by year-end and Goldman Sachs holds $5,400, calling the March correction a positioning unwind. Gold traded at $4,620 per ounce on Tuesday, April 28, 2026, falling for a second straight session and testing three-week lows as a hawkish Federal Reserve hold lifted the dollar and pushed Treasury yields back toward 4.4%. The metal has now lost close to 3% on the week, rejected the upper boundary of the multi-month consolidation defined by the January 28 record close at $5,400, and slipped back below the 50-day EMA. With the FOMC decision Wednesday, U.S. Q1 GDP later in the week, and the Strait of Hormuz still partially closed, why is gold falling has become the most-asked question in the precious metals complex. Follow me on X for real-time market analysis: @ChmielDk . Why Gold Price Is Going Down Today? Dollar, Yields, Hawkish Fed Hold The pullback is more about real yields than tail risk. The dollar index has held above 98.5, ten-year Treasury yields are running between 4.3% and 4.4%, and the CME FedWatch tool puts the probability of an unchanged rate at Wednesday's FOMC meeting at 99.5%. Each of those signals raises the opportunity cost of holding a non-yielding asset. Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., framed the macro tape this way: "Gold fell to multi-week lows on Tuesday, pressured by a firm US dollar and rising Treasury yields." How High Can Gold Go? UBP Rebuilds Bullion Positions and Reaffirms $6,000 Gold Price Prediction for 2026 Why Gold Is Surging With Silver and Why Experts Predict $7,000 Price in 2026 Why Gold Is Going Up? Goldman Gold Price Prediction Sees $5,400 as XAU Rebounds Kooijman added that prolonged disruptions in the Strait of Hormuz are pushing energy prices higher, reinforcing inflation concerns and feeding back into yields, with gold-backed ETFs flipping to outflows last week after three weeks of inflows. Linh Tran, Market Analyst at XS.com, sees a controlled distribution rather than a panic flush: "After reaching a peak near 4,900 USD/oz, gold has entered a relatively deep corrective phase, pulling back toward the 4,700 area. However, this decline has not been characterized by panic selling, but rather by a controlled sequence of losses." Tran's read fits the daily chart, where lower closes have been measured rather than capitulatory. The structural drivers pulling gold lower this week: Dollar index above 98.5, sustained for the third straight session Ten-year Treasury yields back at 4.3-4.4%, lifting real yields CME FedWatch pricing 99.5% probability of an unchanged FOMC at 3.50-3.75% Gold ETF flows turned negative last week after three weeks of inflows Strait of Hormuz disruption keeping oil bid and the rate-cut path further out ETF Outflows and the Strait of Hormuz Premium The flow picture has shifted decisively in the past week. Last week's ETF outflows, the first since early April, broke a three-week inflow streak. The reversal coincided with West Texas Intermediate climbing back above $100 per barrel and 25 commercial vessels being redirected away from Iranian ports over the weekend. That oil-yields feedback loop has now become gold's dominant short-term driver. Higher oil keeps inflation expectations elevated; elevated inflation expectations keep the Fed on hold; a Fed on hold keeps real yields elevated; elevated real yields keep gold under pressure even as the geopolitical backdrop, in classical terms, should support it. As I wrote in my March crash analysis , the same paradox crushed gold roughly 15% in March 2026. Key flow and physical market data points entering the FOMC week: Spot XAU/USD trades roughly 18% below the $5,595 January 29 all-time high Western ETF outflows resumed last week, snapping a three-week inflow streak WTI crude back above $100 per barrel on Strait of Hormuz disruption Central bank buying still running near 60 tonnes per month, per Goldman Sachs Gold Technical Analysis: The $4,300 Bull-Bear Line My chart shows the same picture that has defined gold since late January: a wide consolidation channel between $5,400 at the top and the $4,300 to $4,400 zone at the bottom. The upper bound is the January 28 record close, retested without breaking on March 2. The lower bound is fixed by two anchors, the October 2025 highs at around $4,360 and the panic lows from the week of March 23-27, where price briefly tagged the 200-day EMA at $4,200. In 15 years on the precious metals beat at FinanceMagnates.com, documented across my analyst page , I have watched gold violate multi-month consolidation channels twice, both times with the kind of momentum visible on this week's chart. Tuesday's session moved decisively away from the 50-day EMA, which now sits as resistance overhead, and the rejection at the channel top is the cleanest sell signal the daily chart has produced since my March 25 reversal call at the 200 EMA played out. A breakout up from this range opens price discovery and a run at fresh all-time highs above $5,600. A breakout down is what concerns me. Below $4,300, my Fibonacci extension based on the full 2024-2026 trend projects 100% extension at $3,400, which lines up almost exactly with the April 2025 highs that capped price for four straight months before the September acceleration. From the current $4,620 level, that scenario implies a 26% drop, in line with the bearish framework I detailed in my previous analysis . Gold price technical analysis. Source: Tradingview.com Until $4,300 breaks on a weekly close, this is consolidation, not a confirmed downtrend. Below $4,300, my chart has very little technical support before $3,400. Level Type Notes $5,400 Resistance / Channel top January 28 record close, retested March 2 $4,800 Resistance / 50-day EMA Lost on this week's break $4,620 Current spot Tuesday, April 28, 2026 $4,360 Support / October 2025 highs Lower bound of multi-month range $4,200 Support / 200-day EMA Tested briefly during March 23 panic $3,400 Extension target April 2025 highs and 100% Fibo extension Gold Price Predictions 2026: How Low Can Gold Go? The institutional band remains wide and stays bullish even after the spring drawdown. JPMorgan Global Research holds a $6,300 year-end 2026 target, with strategist Greg Shearer projecting average quarterly investor and central bank demand of around 585 tonnes; my reading is that the call needs another credible Fed pivot to play out before year-end. Goldman Sachs sticks with $5,400, framing the March selloff as a leveraged-positioning unwind rather than a fundamental break, and on the chart that view aligns with the consolidation thesis as long as $4,300 holds. UBS sees $5,200 by June and $5,900 by late 2026, but its short-term cut explicitly cited stronger dollar and oil pressure, which is the exact tape gold is trading right now. Wells Fargo at $6,100 to $6,300 and Deutsche Bank at $6,000 round out the bullish institutional cluster, all anchored on the same fiscal-debasement and central-bank-buying thesis that the FinanceMagnates.com report on UBP rebuilding bullion positions detailed earlier this month. The Reuters poll of 30 analysts has settled at a $4,746 median for 2026, almost on top of current spot, suggesting the consensus has already absorbed the bearish leg. The same complex dynamic is playing out across the silver leg of the precious metals trade , where every move in gold is being amplified. Source Target Notes JPMorgan $6,300 Year-end 2026, 585 tonnes/quarter demand assumption UBS (long) $5,900 Late 2026 target, $5,200 short-term by June Wells Fargo $6,100-6,300 Raised from $4,500-$4,700 in February 2026 Deutsche Bank $6,000 Reiterated by Michael Hsueh, Head of Metals Research Goldman Sachs $5,400 Year-end, base case excludes new buyer wave Reuters poll $4,746 Median of 30 analysts for 2026 My TA (bear) $3,400 Activated only on weekly close below $4,300 FAQ, Gold Price Analysis Why is gold falling today? Gold is falling on April 28, 2026, because the U.S. dollar index is above 98.5, ten-year Treasury yields are at 4.3% to 4.4%, and CME FedWatch shows a 99.5% probability the Federal Reserve holds rates at 3.50% to 3.75% on Wednesday. Higher real yields raise the opportunity cost of a non-yielding asset, and last week's ETF outflows reinforced the move. How low can gold go in 2026? Based on my technical analysis, gold's bull-bear line is $4,300. A weekly close below activates a 100% Fibonacci extension at $3,400, anchored by the April 2025 highs that capped price for four straight months. That implies a 26% drop from current levels. Above $4,300, the metal stays inside its multi-month consolidation rather than a confirmed downtrend. Will gold crash below $4,000? A close below $4,300 on the weekly chart is the trigger I am watching for a sustained move under $4,000. The 200-day EMA sits at $4,200, briefly tagged during the March 23 panic. Without that level breaking on closing basis, talk of a crash is premature. Above $4,300, the structural bull thesis from JPMorgan and Goldman Sachs remains intact. What is the 200-day EMA on gold? The 200-day EMA on gold sits at approximately $4,200 per ounce as of April 28, 2026. The level was last tested during the panic session of March 23, when intraday price briefly touched the average before reversing higher. The 200 EMA has acted as the definitive bull-bear boundary for gold since the metal first cleared $4,000 in October 2025. Should I buy gold now? This article is not investment advice. From a chart perspective, gold trades inside a wide consolidation between $4,300 support and $5,400 resistance. Risk-managed entries become clearer only after the FOMC decision and the response at $4,300. JPMorgan targets $6,300 and Goldman Sachs targets $5,400 for year-end 2026, while my chart's bear scenario warns of $3,400 if support breaks. Source： https://www.financemagnates.com/trending/why-is-gold-falling-gold-price-risk-crash-to-3400/

The gold price is currently consolidating in a broad sideways range. But behind this seemingly directionless phase, the next major price drivers are already taking shape.

According to Deutsche Bank's analysis, as central banks around the world continue to increase the share of gold in their reserve assets, the precious metal still has room for further gains. Sachdeva, Mallika, a strategist at the bank, noted in a report published on Monday that as monetary policymakers seek tools to hedge against geopolitical turmoil, gold's share in global central bank reserves has risen from about 10% in the 1990s to 30% today. Meanwhile, the US dollar's share in foreign central bank reserves has fallen from over 60% to 40%. Sachdeva said: "The gap between the dollar and gold's share in reserves is now only 10 percentage points, which is extremely noteworthy." The London-based strategist believes that central banks appear to be reversing the 1990s trend, when they shifted asset allocations from gold to the US dollar. Sachdeva also acknowledged that about 80% of the increase in gold's share of central bank reserves was due to the rise in gold prices themselves rather than new purchases. Last year, gold posted its strongest annual gain since 1979 — ironically, the year of the Iranian Revolution. Over the past 12 months, gold prices have risen by more than 40% cumulatively. However, Sachdeva pointed out that central bank purchases still accounted for a significant share of the growth in reserve holdings, and it was often central bank buying that drove gold prices higher. He said: "Therefore, there is an endogenous link between purchases and prices, and the two together have driven the increase in gold's share." Gold has long been regarded by investors as a safe-haven asset during times of global conflict. Since 2022, this attribute has continuously driven investors toward gold — first due to the Russia-Ukraine conflict, and then the US and Israeli strikes against Iran. The strategist said that the next move in gold prices will partly depend on how much gold and US dollars emerging economy central banks will ultimately hold. Deutsche Bank's analysis of International Monetary Fund (IMF) data showed that since the global financial crisis, all central bank gold purchases have come from emerging market central banks. Sachdeva further stated that even if total foreign exchange reserves in emerging markets decline to $5 trillion, as long as they set a target of 40% for gold's share in their reserves, gold prices could reach $8,000 per ounce over the next five years. This level would be approximately 70% above current gold prices.

China's March silver (unwrought silver ingots with purity ≥99.99%, HS code 71069110) imports reached 398.62 mt, up 93% MoM, fulfilling expectations of rising silver ingot imports. Cumulative imports from January to March 2026 totaled 639.91 mt, surging 5,346% from 11.75 mt in the same period of 2025. Historical Comparison: Similarities and Differences Between Two Import Windows Historically, in 2023, surging PV demand widened silver price spreads in and outside China, and silver imports grew significantly (imports in June 2023 surged 5,329%). The similarity between this round and the historical pattern lies in the short-term surge in PV industry demand — in 2023, it was driven by the scaled-up commissioning of silver powder and silver paste capacity, while in 2026, it was driven by PV export rush stockpiling. Both were underpinned by rigid demand for industrial physical silver. The difference is that in 2026, precious metals experienced a rare bull market driven by both industrial demand and interest rate cut cycles. Retail investment demand exacerbated industrial raw material shortages, and China's spot silver ingot market saw significant premiums, boosting physical import profitability. In addition to silver ingots, silver-containing products and crude silver raw materials also entered China in large volumes as semi-manufactured products, which were then processed into silver ingots for circulation. Drivers of the Import Surge This Round 1. PV Export Rush Stockpiling Solar cell and module manufacturers needed to complete order deliveries before the export tax rebate cancellation on April 1. Intermediate processing segments stockpiled large volumes of raw materials in Q1, with certain manufacturers being the core drivers of the industrial import surge. 2. Retail Investment Demand Against the macro backdrop of global interest rate cuts, US debt crisis concerns, and safe-haven demand in Q1, gold and silver became important asset allocation options, with silver gaining popularity as a "gold alternative." After gold prices repeatedly hit new highs, small-denomination investment silver bars were heavily traded as alternatives to high-priced gold investments. 3. Sustained Arbitrage Window Domestic silver prices, driven by robust demand, were significantly higher than London spot prices. Stable SHFE silver premiums prompted global traders to ship silver to China for arbitrage. Some silver ingots exported through China's processing trade were not shipped to Europe or the US but were instead re-imported by traders directly into the Shenzhen market, forming a unique "export-to-domestic sales" pathway. Q2 Outlook: Pulse-Like Rally Fades Entering Q2, the explosive import growth is expected to be unsustainable. Although China's silver prices still carried a premium over London, physical demand and spot premiums had shifted, with some traders' imported silver ingots already experiencing sluggish sales in late March. The demand side weakened simultaneously. Both industrial and investment demand in China declined, and the spot market softened further. After the PV export rush ended, silver nitrate manufacturers' purchasing enthusiasm dropped sharply; silver prices moving sideways and uncertainty over Middle East conflicts cooled investment enthusiasm, with funds previously flowing into the precious metals market redirected to high-momentum markets such as the US dollar, US Treasuries, and crude oil. China's silver ingot market transitioned from "scarce supply" in April to "trading at discounts with no takers," and as month-end approached, suppliers were forced to cut premiums for bulk shipments or transfer inventory to participate in SHFE deliveries. Profit margins were sharply compressed. The spot premiums, which peaked at 3,650 yuan/kg in February, had pulled back to near parity by April. Some suppliers sold at discounts due to cash flow needs, import silver ingot profits declined significantly, and the arbitrage window disappeared. Overall, the record-breaking silver imports in Q1 were a "pulse-like" rally driven by both retail investment fever and PV export rush stockpiling. As both drivers faded simultaneously, combined with assessments of actual trade market orders, imports in April are expected to pull back.

Newmont (WKN 853823) impressively demonstrates the leverage of the current precious metals price environment at the start of 2026. The world’s largest gold producer significantly exceeded both the previous quarter and market expectations in the first quarter.

China's imports of silver (unwrought silver ingots with purity ≥99.99%, HS code 71069110) reached 398.62 mt in March, up 93% MoM from February, fulfilling expectations that silver ingot imports would maintain their upward momentum. Total silver imports from January to March 2026 reached 639.91 mt, up 5,346% YoY compared with 11.75 mt in Q1 2025. Historically, against the backdrop of a sharp increase in demand from China's PV industry in 2023, the price gap between the Chinese and international silver markets gradually widened, and silver imports also surged significantly. () The similarity between this round of silver ingot import window opening and the historical one lies in the short-term surge in PV industry demand — 2023 marked the initial large-scale commissioning of silver powder and silver paste capacity, while 2026 saw short-term stockpiling demand driven by the PV export rush. Behind both import windows was rigid demand for physical silver in industrial production. The difference, however, is that in 2026, precious metals experienced a rare bull market driven by both industrial demand and the interest rate cut cycle, with retail investment demand further tightening already scarce industrial raw materials. As a result, significant spot premiums emerged in China's spot silver ingot market, boosting profits from physical imports. It is understood that in addition to silver ingots, silver-containing products and crude silver raw materials also entered the Chinese market in large quantities as semi-manufactured products for further processing into silver ingots and market circulation. Specifically, the driving factors behind this round of import surge were: 1. PV industry export rush stockpiling Solar cell and module manufacturers needed to complete order deliveries before the export tax rebate cancellation on April 1, leading to massive raw material stockpiling by midstream processing firms in Q1, with some individual manufacturers being the core drivers of the industrial import surge. 2. Retail investment demand: Against the macro backdrop of global interest rate cuts, US debt crisis concerns, and safe-haven demand in Q1, gold and silver became important asset allocation options, with silver gaining popularity as a "gold alternative." After gold prices repeatedly hit new highs, small-denomination investment silver bars were heavily traded as an alternative to high-priced gold. 3. Sustained arbitrage window Driven by robust demand, Chinese silver prices were significantly higher than London spot prices. With stable SHFE silver premiums, global traders were incentivized to ship silver to China for arbitrage. Even silver ingots exported through China's processing trade were not shipped to Europe or the US but were instead re-imported by traders directly into the Shenzhen market, forming a unique "export-to-domestic-sales" pathway. Q2 outlook: Entering Q2, the explosive growth in silver ingot imports is unlikely to sustain. Although Chinese silver ingots still carry a premium over London prices, demand for physical silver ingots and spot premiums have changed, with some traders' imported silver ingots already experiencing sluggish sales since late March. On one hand, domestic industrial and investment demand declined simultaneously, and the spot market weakened further. After the PV export rush orders ended, silver nitrate manufacturers' purchasing enthusiasm dropped sharply. Additionally, as silver prices moved sideways and uncertainties from Middle East conflicts dampened precious metals investment sentiment, funds that had previously flowed into the precious metals market shifted back to high-momentum markets such as US dollar, US Treasuries, and crude oil. Chinese silver ingots gradually transitioned from "hard to find" in April to "trading at discounts with no buyers." Approaching month-end, suppliers began lowering premiums to offload inventory or transfer stock for SHFE delivery. On the other hand, import profit margins were significantly compressed, mainly because spot premiums, which peaked at 3,650 yuan/kg in February, had pulled back to near parity by April. Some suppliers even sold at discounts due to cash flow needs, causing import silver ingot profits to decline sharply and the arbitrage window to close. Overall, the record-breaking silver imports in Q1 this year were a "pulse-like" event driven by both retail investment enthusiasm and PV stockpiling rush. As both driving factors fade simultaneously, combined with an assessment of actual import order performance in the trade market, imports in April are expected to pull back.

While the crypto market has entered a significantly cooler phase after a strong run, one segment continues its upward trend with remarkable resilience: tokenized gold. According to the Australian trading platform Swyftx, this particular area has proven to be one of the few bright spots in the digital investment market during the first months of the year.