On Wednesday (April 22), the global gold market continued its ascent amid strong bullish sentiment. Driven by the Federal Reserve's persistent "stealth quantitative easing" and a renewed stalemate in Middle Eastern geopolitical negotiations, international spot gold firmly surpassed the $4,880/oz mark, hitting an intraday high of $4,895/oz—a new peak for April. Investors are now laser-focused on next Wednesday's (April 29) Fed meeting, with widespread expectations for a continued dovish stance.
Market Overview
Global & Macro Background
Global safe-haven assets were bolstered today by several factors. First, the latest Fed balance sheet disclosures show that liquidity released through reverse repo operations has added approximately $175 billion to its assets—a de facto expansion that has significantly pressured real Treasury yields. Second, today's US Existing Home Sales for March unexpectedly declined, deepening concerns about slowing growth under high rates and accelerating the flight to gold.
Local and International Performance
- Spot Gold: London spot gold rose 0.75% today, currently trading at $4,882.15/oz.
- Gold Futures: COMEX June gold contracts broke above $4,910/oz, indicating a strong speculative appetite to test the $5,000 level.
- Domestic Prices (China): Shanghai Gold Exchange (SGE) Au 99.99 spot closed at 1,075.30 CNY/g, up 1.2% for the day, with CNY-denominated gold outperforming international markets.
Industry Highlights
Domestic Retail Prices Touch 1,430 CNY/g
As international prices strengthened, retail quotes at major Chinese jewelry stores were raised today. Brands like Chow Tai Fook and Lukfook listed gold at 1,428 CNY/g, while Laomiao Gold touched 1,431 CNY/g. Despite record-high prices, investment products like gold bars saw a 15% sales increase in Tier-1 cities compared to last week, driven by "FOMO" (fear of missing out) sentiment.
"De-dollarization" and Central Bank Reserves
A World Gold Council (WGC) briefing released today noted that the trend of gold accumulation by central banks in Southeast Asia and the Middle East has not slowed since early April. In 2026, as the dollar's credibility undergoes a systemic re-evaluation, gold's strategic status has reached its highest level since the Cold War.
Key Data to Watch (For Market Observation Only — Not Investment Advice)
| Indicator/Contract | Code/Type | Key Data | Reason for Observation |
|---|---|---|---|
| Spot Gold | XAU/USD | ~$4882/oz | Approaching $4,900; consolidating for a run at the $5,000 milestone. |
| SGE Gold | Au 99.99 | 1075.30 CNY/g | Rising domestic safe-haven demand; robust premiums. |
| Chow Tai Fook Gold | Retail Price | 1428 CNY/g | New highs in retail quotes; strong momentum in consumer buying. |
Market Drivers
- Continuous Liquidity Injection: The Fed's "stealth QE" has reduced the opportunity cost of holding gold, providing the core upward thrust.
- Geopolitical Gridlock: Hurdles in Middle East ceasefire implementation have reintroduced the risk premium after the March correction.
- Negative Real Yields: Despite high nominal rates, inflation expectations—driven by energy costs—are pushing real rates into negative territory, favoring precious metals.
Outlook
Technically, gold has entered a critical resistance zone between $4,850 and $4,950. A weekly close above $4,900, combined with favorable cues from next week's Fed meeting, could officially usher in the "$5,000 Gold Era" in early May. In the short term, be wary of minor retracements caused by profit-taking ahead of the FOMC meeting.