New York gold prices rebound over 1% on the 28th

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Source: Xinhua Finance

Xinhua Finance, New York, May 28 (Reporter Xu Jing)—On May 28th, the most actively traded June 2026 gold futures price on the New York Mercantile Exchange rose by 1.02%, closing at $4,527.3 per ounce.

Affected by news such as the US and Iran reaching a new agreement, the US dollar sharply retraced that day, leading to a rebound in gold prices after dropping to a two-month low of nearly $4,366.

According to US media reports on the 28th, the United States and Iran have reached a preliminary 60-day agreement to extend the current ceasefire. However, the agreement still requires final approval from US President Trump. Previously, the US military conducted a second "defensive" strike on Iranian military facilities this week. In response, Iran's Islamic Revolutionary Guard Corps (IRGC) claimed to have attacked a US air base in the Gulf region and warned that if US "aggression" continues, Iran will take "more decisive" actions.

On the same day, the US Department of Commerce released preliminary data for the first quarter's Gross Domestic Product (GDP), showing a quarter-on-quarter growth of 1.6%, lower than the previous estimate of 2.0%. This figure was weaker than economists had expected, as most previous forecasts anticipated that economic growth would remain at the 2.0% level.

Another report released by the US Department of Commerce that day showed that the Federal Reserve's preferred inflation measure, the core Personal Consumption Expenditures Price Index (PCE), rose by 0.2% month-on-month in April, below market expectations and lower than March's 0.3% increase. On an annualized basis, core PCE rose by 3.3%, higher than March's 3.2%, in line with analysts' forecasts.

After the release of economic data, new buying emerged in the gold market, and gold prices rebounded from intraday lows.

Federal Reserve Vice Chair Philip Jefferson stated on the 28th that rising energy prices are an "economic downside risk" and a "potential driver of inflation." He said the Federal Reserve remains "firmly committed to bringing the inflation rate back to 2%" and noted that recent US economic activity "remains strong."

On the same day, July delivery silver futures prices rose by 1.36%, closing at $75.915 per ounce.

Editor: Zhu Henan