On Wednesday (May 22), the US dollar rebounded slightly to 104.66, gold fell short-term to $2,411, and Bitcoin lost the $70,000 mark. China's gold imports slowed in April. Faced with record prices for precious metals, demand in the world's largest gold consumer began to decline. The Fed's hawks regained their momentum, and the long-term high interest rate path supported the dollar. US President Biden will release 1 million barrels of oil reserves to suppress oil prices before Independence Day.

China's gold imports slow in April

The latest data from China Customs showed that overseas purchases of physical gold fell to 136 tons in April, a 30% drop from the previous month and the lowest total amount this year.



While prices are largely influenced by U.S. interest rates, much of gold’s recent strength stems from robust consumption in China, where investment options are more limited than in other countries.

China’s central bank also showed a continued appetite for gold, increasing its holdings for an 18th straight month as it seeks to diversify its reserves and hedge against currency depreciation, although the pace of purchases also slowed in April.

Any signs of a slowdown in imports could give gold bulls pause for thought.


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Soni Kumari, commodity strategist at ANZ, said Chinese demand would remain strong in 2024, but the huge import volumes in the latest quarter were likely to level off.

China warned against excessive speculation, further dampening the appeal of precious metals. In its latest move to curb market risk, the Shanghai Gold Exchange again raised margin requirements for some contracts starting Tuesday.

Biden cuts oil prices before Independence Day

The Biden administration said on Tuesday it would release 1 million barrels of gasoline from oil reserves in the Northeast in a move aimed at lowering gasoline prices that is expected to last more than a month.

The U.S. Department of Energy said the oil released this time mainly comes from storage points in New Jersey and Maine, with each release of 100,000 barrels of oil to be completed before June 30 to ensure that gasoline can flow to regional retailers before the Independence Day holiday on July 4. The department said in a statement that the move is intended to help "reduce costs for families and consumers."

According to U.S. Energy Secretary Jennifer Granholm, “The Biden-Harris Administration is committed to lowering gas prices for American families, especially during peak summer driving season. By strategically releasing oil from the reserve between Memorial Day and the Fourth of July, we will ensure ample supplies of oil are available to Americans when they need it most.”

As of Tuesday, the national average gasoline price was about $3.60 a gallon, up 6 cents from the same period last year, according to the American Automobile Association (AAA). Analysts say tapping gasoline reserves is one of the few actions Biden can take to control inflation.

After the Russia-Ukraine conflict in 2022, Biden used a large amount of strategic oil reserves that year, reducing its inventory to the lowest level since the 1980s.

Well-known financial blog ZeroHedge said that Biden has exhausted all gasoline reserves in the Northeast because his approval rating lags behind Republican presidential candidate Trump.