The South is double long on gold (07299) fell more than 5%, as of the time of publication, it fell by 5.42%, at 27.2 Hong Kong dollars, with a trading volume of 30.1412 million Hong Kong dollars. On the news front, as of May 14, the spot gold price fell for the third consecutive trading day due to the strengthening of the US dollar and US bonds. Huatai Futures analysis shows that the US April PPI rose by 6% year-on-year, reaching the highest level since December 2022, with the core PPI rising by 5.2% year-on-year, both far exceeding market expectations. Energy and transportation costs have both risen, and service industry inflation has reached a four-year high. The unexpected "explosion" of PPI inflation has heated up market expectations for a Fed rate hike, with the probability of a 25 basis point rate hike within the year rising to around 50%. It is worth noting that on May 15, Federal Reserve Chairman Jerome Powell's 8-year term officially ended. The US Senate confirmed Kevin Warsh as the new Federal Reserve Chairman with a vote of 54 in favor and 45 against on May 13, for a term of 4 years; Warsh was previously approved as a Federal Reserve Board member on May 12, for a term of 14 years. Analysts at Deutsche Bank pointed out that historically, new Federal Reserve Chairmen have quickly encountered market turbulence upon taking office, a well-established perception despite the actual data presenting a more complex picture.