On May 11, COMEX gold opened lower, initially declining before rebounding during the session to close at $4745.6 per ounce, marking a gain of 0.31%. Domestically, SHFE gold opened higher in the night session and fluctuated, settling at 1036.44 yuan per gram, up 0.45%.

Geopolitically, U.S.-Iran ceasefire negotiations have reached a severe impasse. Iran stated that the U.S. insists on "unreasonable demands," with the Iranian parliament speaker declaring there is no alternative to Iran's "14-point proposal" and that the armed forces are prepared to counter any aggression. Former U.S. President Trump labeled Iran's response as foolish and described the ceasefire agreement as "precarious." The public escalation of divergent stances has sharply clouded the prospects for peace talks. Oil prices rose again, and the U.S. dollar index saw a slight rebound, causing gold to drop over 1% intraday. However, considering the delayed resumption of operations at a major copper mine in Indonesia, coupled with Peru's energy crisis bill taking effect on May 11, concerns over mine supply have resurfaced. Significant rebounds in silver and copper prices subsequently pulled gold to turn positive during the session.

Regarding the Federal Reserve, Chair Powell's term concludes on May 15, though he will remain as a governor. Kevin Warsh is set to assume the new chairmanship, with the Senate potentially initiating confirmation votes on his nomination as early as May 11. The inaugural official remarks of the new chair will be a key focal point. If his stance leans toward a hawkish, gradual interest rate cut approach, it could pose a downside risk for gold prices.