Gold ETFs collectively fell, as of press time, Southern Double Gold (07299) fell by 4.22% to 25.88 Hong Kong dollars; Value Gold ETF (03081) fell by 2.14% to 21.04 Hong Kong dollars. On the news front, due to market concerns about inflation spreading, US Treasury bond yields rising, the US dollar index rising, international gold and silver prices fell on Tuesday. As of the close, the price of gold futures for June delivery on the NYMEX was $4,511.2 per ounce, down by 1.03%; the price of silver futures for July delivery was $75.159 per ounce, down by 2.95%. As of May 20, the international gold price continued to decline, with the spot gold price falling below $4,470, hitting a new low since April. JP Morgan's latest report on the precious metals industry pointed out that due to the short-term softening of gold demand, the bank has lowered its average gold price forecast for 2026 from $5,708 per ounce to $5,243 per ounce. JP Morgan also stated that the precious metals market is currently in a period of wait and see, with investor interest noticeably cooling off, but the long-term bull market logic remains intact, with a target price of $6,000 per ounce by the fourth quarter of 2026.