On May 1, local time, the Federal Reserve announced that the target interest rate range would remain unchanged at 5.25% to 5.5%, keeping the target interest rate range unchanged for the sixth time in a row. According to an analysis of the May 2 research report of Guojin Securities, overall, Powell continued the “dovish attitude” of the March meeting. Based on the view that the actual US GDP growth rate in the first quarter was far lower than market expectations, capacity utilization rates declined, and core CPI and core PCE maintained a downward trend year-on-year, compounded by the fact that the number of US layoffs continued to hit new highs and wage growth weakens, etc., maintaining the view that the Federal Reserve continued to be “dovish” in the second quarter and likely cut interest rates before the end of the third quarter. “Investors can seize the opportunity to allocate gold on dips, and gold may go higher and farther than market expectations. An important driver for the further rise in gold prices in the future may come from a decline in real interest rates. At the same time, the central bank's demand for gold purchases driven by factors such as geographical risk may still provide support for gold prices.” According to Guojin Securities.