The spot gold price rose 0.64% overnight, climbing back above the $4,000 per ounce level, while SHFE gold gained 1.17%.

Following the release of US economic data, the final reading for first-quarter GDP was revised up to 2.1%. The May PCE price index rose 4.1% year-on-year and increased 0.4% month-on-month, slightly lower than the expected 0.5%. This led the market to lower its inflation expectations, resulting in a weaker US dollar and a corrective recovery for gold.

Given the hawkish tone set at this month's Federal Reserve meeting, gold may experience low-level consolidation in the short term.

Key Macroeconomic Data

The final US first-quarter GDP figure was revised up by 0.5 percentage points to 2.1%, significantly exceeding the market consensus of 1.6% and showing a clear rebound from the 0.5% growth in the fourth quarter of 2025.

The US May PCE price index increased 4.1% year-on-year, reaching its highest level since April 2023. The month-on-month rise of 0.4% was slightly below the market expectation of 0.5%.

Excluding food and energy, the core PCE index rose 3.4% year-on-year, matching its highest level since October 2023 and aligning with expectations.

Federal Reserve official Williams stated that current interest rates are sufficient to curb inflation, with a target of returning to 2% by 2028.

Geopolitical and Market Dynamics

On the geopolitical front, the reopening of the Strait of Hormuz is gradually restoring global crude oil supply.

Despite the release of somewhat negative US inflation data, the market exhibited a "buy the rumor, sell the fact" reaction. Coupled with a significant drop in crude oil prices following the Strait's reopening, there is optimism that the Federal Reserve may shift from its current hawkish stance.

Although gold has rebounded strongly to surpass $4,000 per ounce after a sharp decline, it is important to note that the risk of significant volatility in overseas financial markets remains unresolved.

This recovery should be viewed as a weak technical rebound. Attention should focus on gold's performance at current support levels, with expectations for the rally's magnitude kept in check.