Gold Market News | May 28, 2026

Release time：2026-05-28 Publisher：GINZO

1. Latest Market Performance (Sharp Decline Across the Board)

International Spot Gold (London Gold)

London Spot Gold: **$4,374.96 per troy ounce**

Plunged $71.49 intraday, down 1.61%. It broke below the $4,400 mark and hit a low near $4,360.
COMEX Gold Futures: $4,380 per troy ounce

Down roughly 1.7%. Trading volume surged amid prominent aggressive short selling.

Domestic Market

Gold T+D: ¥957.36/g, down ¥26.76 or 2.72%
Main Shanghai Gold Futures: ¥962.04/g, down ¥27.2 or 2.75%
AU9999: Around ¥958/g, with an intraday drop exceeding 2.5%

Retail Prices at Gold Stores (Widespread Price Cuts Today)

Chow Tai Fook / Chow Tai Seng: ¥1,353/g (-1.6%)
Lao Feng Xiang: ¥1,348/g (-1.61%)
Chow Sang Sang: ¥1,350/g (-1.89%)

Bank Bullion Prices

ICBC Ruyi Gold: ¥993.23/g
CCB Investment Gold: ¥989.39/g

Market Overview: The domestic market tracked the slump in international gold prices. Though retail gold prices saw milder declines, they were lowered accordingly. Panic sentiment has spread across the market.

2. Core Reasons for the Sudden Plunge

1. US-Iran Ceasefire Expectations Materialize, Safe-Haven Demand Fades (Direct Trigger)

On May 27, Iran confirmed a 60-day comprehensive ceasefire deal with the US.

The US will lift partial sanctions and unfreeze Iran’s overseas assets.
Iran will halt attacks on vessels in the Strait of Hormuz and restore normal shipping.

Market analysis: Middle East tensions eased from the brink of conflict to diplomatic negotiations. Gold’s safe-haven premium evaporated, triggering massive capital outflows.

2. New Fed Chair Adopts Hawkish Stance, Expectations for Sustained High Rates Rise (Fundamental Pressure)

Kevin Walsh, the newly inaugurated Fed Chair, took office on May 26 and delivered a strongly hawkish maiden speech. He stated inflation remains uncontrolled, ruling out rate cut commitments and leaving further rate hikes on the table. Markets price in over a 70% probability of a 25-basis-point rate hike by the end of 2026.

The yield on the 10-year US Treasury bond rose above 4.48%, and the US Dollar Index held above 99.4. As a non-interest-bearing asset, gold becomes less attractive amid higher rates, driving capital into US bonds and dollar-denominated assets.

3. Malaysia Imposes 10% Tariff on Gold Bullion Starting June, Disrupting Global Trade

Announced on May 28: A 10% import tariff will be levied on LBMA-standard physical gold bullion starting June 8.

Policy goals: Stem local currency depreciation and curb gold outflows.
Impact: Other Southeast Asian and Middle Eastern countries may follow suit. Higher global circulation costs and weakened short-term demand weigh on gold prices.

4. Technical Breakdown & Forced Liquidation Trigger a Selling Spiral

Gold traded sideways between $4,800 and $5,000 for two months, with repeated failed rallies. This week, key psychological levels at $4,500 and $4,400 were breached one after another. A large number of long positions were stopped out, and algorithmic trading accelerated sell-offs, creating a vicious cycle.

3. Central Bank Activities: Aggressive Gold Buying Amid Price Drops (Stark Contrast)

People’s Bank of China (Major Buyer)

As of end-April 2026, gold reserves stood at 74.64 million troy ounces (approx. 2,321 tonnes).

Net purchases reached 260,000 troy ounces (approx. 8.09 tonnes) in April, marking 18 consecutive months of net buying.

Purposes: Reduce reliance on the US dollar, diversify foreign exchange reserve risks and hedge against geopolitical uncertainties.

Global Central Banks

According to Goldman Sachs, global central banks buy an average of 60 tonnes of gold monthly in 2026, with annual purchases set to exceed 700 tonnes.

Notably, central banks ramp up purchases as prices fall, forming a pattern of market panic amid official bargain hunting. Sustained central bank buying acts as a solid long-term floor, limiting deep losses for gold.

4. Latest Institutional Views: Bearish Short-Term, Bullish Long-Term

Short-Term (1–3 months): Cautious Outlook for Corrections

Citi: Gold may drop to $4,300 in the next three months under prolonged high-rate pressure.
Morgan Stanley: Cut its H2 2026 gold price target from $5,700 to $5,200.
Domestic brokerages: The market will stay weak in the short