On March 28, precious metals and U.S. stock trends $XAU $XAG

showed a "simultaneous decline and shock" pattern. Affected by the hawkish expectations of the Federal Reserve and the fluctuating situation in the Middle East, gold and silver have seen significant volatility recently, with spot gold dropping to about $4379 per ounce at one point, and silver falling over 4%. Meanwhile, rising U.S. Treasury yields are suppressing non-interest-bearing assets, and market expectations for interest rate hikes within the year are warming up, weakening support for precious metals. Notably, the correlation between gold and U.S. stocks has strengthened in the short term, diminishing its safe-haven attributes, leaning more towards "risk assets".

In the short term, precious metals will still be dominated by high volatility and oscillation, with core drivers shifting from "safe-haven" to "interest rates + liquidity". If U.S. stocks stabilize and rebound, gold and silver may recover simultaneously; however, if yields continue to rise, another bottoming out cannot be ruled out. Strategically, a range trading approach is favored, guarding against sharp rises and falls caused by fluctuating sentiment. In the medium term, inflation and geopolitical issues remain, the trend for gold is not broken, but the pace has clearly weakened. #特朗普希望尽快结束对伊朗战争 #美伊和谈陷僵局