gold

In the context of a short-term decline in spot gold and increased market volatility, the trading volume of XAU contracts has significantly expanded. According to CoinGlass data, the current price of XAU is $4573.68, down 2.52% in the past 24 hours; during the same period, the total trading volume of XAU contracts across the network reached $2.37 billion, an increase of 50.52% compared to the previous period.In centralized exchanges, the trading volume of XAU contracts is concentrated on leading platforms, with Binance, OKX, and Bitget ranking in the top three. Their 24-hour trading volumes are $1.404 billion, $257 million, and $227 million, respectively, collectively accounting for about 80% of the market share.

According to Gate market data, U.S. stocks closed on Wednesday with the Dow Jones Industrial Average initially down 0.1%, the S&P 500 index up 0.59%, and the Nasdaq up 1.2%, with the latter two reaching new closing highs. Micron Technology rose over 4%, Google rose nearly 4%, and both Tesla and Nvidia rose over 2%. The Nasdaq Golden Dragon China Index rose 3.9%, Baidu rose over 7%, and Alibaba rose 8%.

According to official news, Gate will launch the 11th phase of the Joint Earnings Coin event from May 13 at 12:00 to June 12 at 12:00 (UTC+8), with a total prize pool of 700,000 USDT. During the event, users can open exclusive red envelopes and invite friends to register. After friends complete identity verification, designated deposits, and trading tasks, both parties can jointly receive cash red envelope rewards, with a maximum of 100 USDT per instance. The more friends invited, the more rewards earned, with no cap on individual earnings.In addition, Gate will launch the TradFi CFD Gold Privilege event from May 12 at 12:00 to May 22 at 12:00 (UTC+8). During the event, users who invite friends to register and complete designated TradFi CFD trading tasks can receive XAUT lottery chances, with a single friend potentially unlocking up to 11 lottery chances for the inviter. After the friend's cumulative TradFi CFD trading volume reaches 2,000 USDT, they can also receive XAUT newcomer bonuses. Event rewards are credited instantly, with limited quantities available on a first-come, first-served basis.

Bloomberg's senior ETF analyst Eric Balchunas posted on the X platform that since March of this year, the Bitcoin spot ETF $IBIT has significantly outperformed the gold ETF $GLD, leading by 33 percentage points.In terms of capital, $IBIT saw a net inflow of $4.2 billion during this period, while $GLD experienced a net outflow of $9 billion, resulting in a total capital flow difference of up to $13 billion between the two.

The Gate market shows that the gold contract underlyings XAU and PAXG have both fallen below the 4700 USD mark, currently reported at 4698.9 USD and 4694.5 USD respectively. The 24h price changes are -0.59% and -0.45%.Against the backdrop of short-term volatility, Gate continues to be active in contract trading. According to Coinglass data, the 24h trading volume for Gate XAU contracts reached 203 million USD, with a price increase of 10.86%, and an open interest of 114 million USD; the 24h trading volume for Gate PAXG contracts was approximately 3.4214 million USD, with an open interest of about 11.0763 million USD.Gate has pioneered the metal contract trading sector, providing 24/7 uninterrupted trading, offering users greater strategic flexibility and asset management efficiency in volatile markets. Gate contracts cover various traditional financial assets including stocks, metals, foreign exchange, indices, and commodities, supporting trading of core underlyings such as gold, silver, and globally popular stocks. Gate continues to build a more efficient and professional multi-asset one-stop trading platform for global users.

According to Jinshi reports, due to the lack of progress in the US-Iran peace talks, oil prices have risen, triggering market concerns about prolonged disruptions and intensified inflation, leading to a 1% drop in gold futures prices. Soojin Kim, an analyst at Mitsubishi UFJ Financial Group, stated that the market increasingly expects interest rates to rise to address inflation risks associated with high energy prices, which is unfavorable for gold. Meanwhile, strong US labor market data continues to support market expectations that the Federal Reserve will maintain high interest rates for a longer period.

According to a report by CoinGecko, as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a growth of 256.7% from $5.42 billion at the beginning of 2025. Among them, tokenized U.S. Treasury bonds remain the largest category, with a scale exceeding $10 billion; tokenized commodities increased to $5.55 billion, mainly driven by gold-backed tokens XAUT and PAXG.The report also stated that in the first quarter of 2026, the trading volume of tokenized gold spot reached $90.7 billion, and the trading volume of tokenized stock spot reached $15.1 billion, both exceeding the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

The metal market is experiencing increased volatility, with a divergence in the trends of gold and silver. According to data from the Gate platform, silver (XAG) reached a high of $81.72 in the past 24 hours and is currently reported at $80.90, with a 24-hour increase of approximately 0.37%; gold (XAU) reached a high of $4,733.70 in the past 24 hours and is currently reported at $4,687.53, with prices retreating from their peak.According to CoinGlass data, the performance of metal contract positions on the Gate platform is impressive. Specifically, the 24-hour contract position for silver (XAG) is approximately $68.93 million, ranking among the top globally; the 24-hour contract position for gold (XAU) is approximately $88.82 million, also ranking among the industry leaders. As market volatility expands, funds continue to flow into the precious metals sector, further driving the growth of platform positions.Gate has pioneered the metal contract trading sector, offering 24/7 uninterrupted trading to provide users with greater strategic flexibility and asset management efficiency during volatile market conditions. Gate contracts cover various traditional financial assets, including stocks, metals, foreign exchange, indices, and commodities, supporting trading in core assets such as gold, silver, and globally popular stocks. Gate continues to build a more efficient and professional multi-asset one-stop trading platform for global users.

Goldman Sachs has postponed its predictions for the next two Federal Reserve rate cuts to December 2026 and March 2027. The report indicates that the transmission of energy costs may keep core Personal Consumption Expenditures (PCE) inflation around 3% for the entirety of 2026, above the Federal Reserve's 2% target. Previously, the International Monetary Fund (IMF) also predicted that core PCE would not return to 2% until early 2027 at the earliest.Goldman Sachs' U.S. economists believe that a cooling of monthly data and a weakening labor market need to occur before rate cuts happen. The Federal Reserve maintained the federal funds rate at 3.50% to 3.75% on April 29, with four dissenting votes, the most since 1992. According to CME FedWatch data, the market sees a 93.4% probability that rates will remain unchanged at the June 17 meeting. Lindsay Rosner from Goldman Sachs Asset Management previously stated that hawks may have the upper hand at the June FOMC meeting. For the cryptocurrency market, the delay in rate cuts tightens liquidity flowing into risk assets, and a stronger dollar tends to suppress the valuation of crypto assets.

According to Forbes, Bitcoin bulls have added a macro narrative. Ray Dalio, founder of Bridgewater Associates, warned that the $39 trillion debt crisis in the U.S. could lead to a long-term devaluation or even collapse of the dollar, while JPMorgan analysts believe that the market is witnessing a rotation from gold to Bitcoin in the currency devaluation trade.Dalio stated that the current annual spending in the U.S. is about $7 trillion, with revenues of only about $5 trillion, and the long-term fiscal deficit and debt expansion are nearing historically dangerous levels. He believes that during similar periods, fiat currencies tend to depreciate continuously, while gold benefits.Meanwhile, JPMorgan analyst Nikolaos Panigirtzoglou pointed out that as the conflict in Iran escalates, the inflow of funds into Bitcoin ETFs has continued to exceed that of gold ETFs, with some funds viewing Bitcoin as digital gold and a hedge against dollar devaluation.The report mentioned that since the outbreak of the U.S.-Iran conflict, the price of Bitcoin has risen by about 30%, although it is still below the historical high of $126,000 in 2025. Notable investors, including Stanley Druckenmiller and Elon Musk, have also expressed concerns about the long-term status of the dollar as a reserve currency.

As the first CEX platform to connect with Polymarket, Gate's data shows that in the prediction event related to "What will the price of gold (GC) be by the end of June 2026," the overall market expectation remains relatively strong. Among these, the probability of the gold price exceeding $5,000 is 51%, the probability of exceeding $4,900 is 68%, and the probability of reaching $4,600 is about 80%; meanwhile, the probability of being below $4,500 is 55%. Overall, the market maintains a high level of attention on the medium to long-term trend of gold, with some divergence in capital expectations.Gate's performance in the Polymarket collaboration channel continues to lead, currently ranking in the top two, with a significant increase in user participation scale, reflecting the growing activity and depth of participation of platform users in the prediction market. Users can directly access the prediction market through the Gate App, entering the Polymarket page from the platform's homepage Alpha, and participate in event predictions using USDT in their exchange accounts. This integration marks a key step for Gate in merging the cryptocurrency trading ecosystem with the prediction market, providing users with a diversified market experience from expectation judgment to trading participation.

Data shows that since the escalation of the situation in Iran, Bitcoin has continued to perform strongly relative to gold, with the BTC/Gold ratio increasing by approximately 35% to 36%.

Bitget has launched the 5th phase of the contract VIP "Ten Million Club" event, with the event snapshot rule being "cumulative achievement in natural month + end-of-month status confirmation." The platform will gift gold gift boxes based on account data from May 31, according to the user's contract trading volume or daily average new asset amount from May 1 to May 31. Rewards include physical gifts such as gold bars from Chow Tai Fook, solid gold ornaments from Zhou Dasheng, and gold bracelets from Lao Miao.Previously, Bitget announced an upgrade to its contract VIP service system and launched the "Ten Million Club" program, where eligible users can receive customized high-end physical gift boxes from the platform monthly. This program runs from January to June 2026, and gifts such as Moutai, Hermès, and Apple flagship gift boxes have already been given to users. Specific rights are subject to announcement in the current month; for more details, please check the official Bitget platform.

According to The Block, JPMorgan analysts have stated that Bitcoin is gradually surpassing gold as a currency devaluation hedge tool following the Iran conflict.Analysts led by Managing Director Nikolaos Panigirtzoglou noted that Bitcoin ETFs recorded inflows for the third consecutive month in May, while gold ETFs are still struggling to recover the funds that flowed out during the outbreak of the Iran conflict in March. This indicates that since the conflict began, retail investors are choosing Bitcoin over gold for devaluation hedge trades.The analysts stated that Bitcoin purchases are not limited to retail investors through ETFs. JPMorgan's position proxy indicators based on CME Bitcoin futures and offshore perpetual futures have also reached new highs, indicating that institutional investors are similarly increasing their exposure. The momentum signals for Bitcoin and gold have also rebounded since the conflict began. Investors are also indirectly buying Bitcoin through Strategy, with the company's purchase volume potentially reaching around $30 billion this year if the current pace is maintained.

Yunfeng Financial (00376.HK) officially launched the "Physical Gold Token" product on its "Yunfeng Youyu" platform, open to users who have completed the Professional Investor (PI) certification. This product is supported by AlphaToken's blockchain and RWA tokenization infrastructure, aimed at providing compliant digital asset allocation services in gold for professional investors.According to the introduction, the gold token is anchored to physical gold that is LBMA certified and has a purity of 99.99%, with each token corresponding to 1 gram of gold. The related assets are held in custody by internationally certified vaults and ensure transparency and security through independent audits and full isolation custody mechanisms.AlphaToken stated that its self-built AlphaChain network and RWA Tokenization technology system have embedded compliance processes such as KYC, AML, asset issuance, auditing, and risk control into the underlying infrastructure, providing licensed financial institutions with on-chain issuance and management capabilities.Yunfeng Financial claims that the launch of this product is an important layout in the field of Real World Assets (RWA), and in the future, it will further launch on-chain wealth management products for institutions and professional investors, integrating AI and Web3 technologies.

According to Gate's market data, U.S. stocks closed higher on Wednesday, with the Dow Jones Industrial Average initially rising by 1.2%, the S&P 500 index up 1.4%, and the Nasdaq up 2%. The Dow briefly returned to 50,000 points during the session, while the latter two continued to hit new highs. Nvidia surged by 5.7%, with a market capitalization of $5.05 trillion. Google rose nearly 3%, and Intel increased by 4%. The Nasdaq Golden Dragon China Index rose by 3.46%, Alibaba increased by nearly 7%, and Baidu surged over 11%.

According to the official announcement, Coinbase has announced the launch of perpetual contracts for gold and silver, open for trading to eligible non-U.S. users. Among them, GOLD-PERP corresponds to 1 troy ounce of spot gold, and SILVER-PERP corresponds to 1 troy ounce of spot silver, both settled in USDC, supporting 24/7 trading, with a maximum leverage of 25 times. Institutional users can trade through Coinbase International Exchange, while retail users can participate via the Coinbase website and app.Coinbase stated that this move is part of its "traditional financial assets on-chain" strategy, aiming to build an "Everything Exchange" that covers crypto assets, traditional assets, and new products.In addition, Coinbase mentioned that it is working with the CFTC to plan the expansion of gold and silver futures trading in the U.S. market to operate 24/7. The company believes this will support weekend hedging, continuous price discovery, and cross-asset strategy trading.