At the market level, driven by low buying, gold rebounded steadily near the $4,000 mark, showing key psychological support. At the macro level, the market is still weighing the effects of the Middle East conflict on energy prices and changes in expectations of the Federal Reserve's interest rate hike. The situation in the Middle East remains volatile, and oil prices fluctuate repeatedly. The hawkish position of the Federal Reserve has not fundamentally changed. The high interest rate environment still suppresses gold prices in the medium term, and upward space is limited. The US dollar index weakened slightly, providing some support for gold prices. At the capital level, gold ETFs as a whole are still reducing their holdings. Total holdings are at a low level, but leading products have diverged, net speculative long positions have rebounded, and market pessimism has abated marginally. At the physical level, the central bank's demand for gold purchases is still strong, providing solid bottom support for gold prices.

At the market level, driven by low buying, gold rebounded steadily near the $4,000 mark, showing key psychological support. At the macro level, the market is still weighing the effects of the Middle East conflict on energy prices and changes in expectations of the Federal Reserve's interest rate hike. The situation in the Middle East remains volatile, and oil prices fluctuate repeatedly. The hawkish position of the Federal Reserve has not fundamentally changed. The high interest rate environment still suppresses gold prices in the medium term, and upward space is limited. The US dollar index weakened slightly, providing some support for gold prices. At the capital level, gold ETFs as a whole are still reducing their holdings. Total holdings are at a low level, but leading products have diverged, net speculative long positions have rebounded, and market pessimism has abated marginally. At the physical level, the central bank's demand for gold purchases is still strong, providing solid bottom support for gold prices.