Spot gold prices remained weak during the European trading session, with prices approaching the key support area of $3,265-3,260. Signs of easing global trade relations and a small rebound in the US dollar have put pressure on gold prices. In addition, the decline in gold consumption in some economies in the first quarter of 2025 has also become another factor suppressing precious metals. Current market sentiment is in a cautious wait-and-see state. On the one hand, signs of easing global trade relations have triggered the withdrawal of some safe-haven funds; on the other hand, the persistence of geopolitical risks and expectations of interest rate cuts by the Federal Reserve are still supporting the bullish position of gold. The market is highly sensitive to the upcoming US economic data, especially GDP and non-farm payrolls, which may become a key trigger for gold price movements in the short term.