On May 8, one side was gold, which has been sought after by the central bank and consumers since last year, and the other side was crude oil and copper, which are sensitive to macroeconomics and interest rates.
The gold-to-oil ratio and the gold-to-copper ratio are usually regarded by the market as macro indicators reflecting the economic cycle.
Analysts said that in the context of the Fed’s monetary policy tightening coming to an end and expectations of an economic recession increasing, the allocation value of precious metals is prominent, while the impact on risky commodities such as industrial products is bearish.