Looking ahead to August, the short-term trend of gold prices depends on the evolution of the US and Iran situation. If the conflict continues or spillover expands, market sentiment may weaken again, and the price of gold may continue to perform poorly in anticipation of liquidity risk; however, if there is a breakthrough in substantive negotiations, the price of gold may stabilize in the short term and show a rebound and repair trend. If domestic and foreign financial markets pick up at the same time, it can be further determined. However, it can be expected that, supported by the central bank's rigid purchasing and allocation requirements, even if there is another pullback, the space will be relatively limited. Also, at the Jackson Hole Global Central Bank Annual Meeting at the end of August, Walsh may outline the medium-term policy framework. Prior to that, the US CPI data on the 12th will be a key verification indicator. Overall, gold may show a stable bottom, emotional recovery phase, and be cautiously optimistic. The core risk is that the US-Iran conflict has once again caused oil prices to rise above 90 US dollars/ounce. The US inflation data has greatly exceeded expectations, and the probability of interest rate hikes in September will continue to trend or continue to suppress market sentiment. However, judging from overseas financial markets and oil price performance, there is little support for the overall expansion and escalation of the US-Iran conflict.

Looking ahead to August, the short-term trend of gold prices depends on the evolution of the US and Iran situation. If the conflict continues or spillover expands, market sentiment may weaken again, and the price of gold may continue to perform poorly in anticipation of liquidity risk; however, if there is a breakthrough in substantive negotiations, the price of gold may stabilize in the short term and show a rebound and repair trend. If domestic and foreign financial markets pick up at the same time, it can be further determined. However, it can be expected that, supported by the central bank's rigid purchasing and allocation requirements, even if there is another pullback, the space will be relatively limited. Also, at the Jackson Hole Global Central Bank Annual Meeting at the end of August, Walsh may outline the medium-term policy framework. Prior to that, the US CPI data on the 12th will be a key verification indicator. Overall, gold may show a stable bottom, emotional recovery phase, and be cautiously optimistic. The core risk is that the US-Iran conflict has once again caused oil prices to rise above 90 US dollars/ounce. The US inflation data has greatly exceeded expectations, and the probability of interest rate hikes in September will continue to trend or continue to suppress market sentiment. However, judging from overseas financial markets and oil price performance, there is little support for the overall expansion and escalation of the US-Iran conflict.