Asian market gold prices have plummeted due to a global liquidity crisis, Middle East tensions, and worldwide inflation.

① The Federal Reserve has pushed "high pressure" to the max. The US recent CPI and PPI both exceeded expectations, and manufacturing PMI soared to 55.3, hitting a four-year high—indicating strong economic resilience = inflation is hard to reduce = interest rates are "higher for longer." The 10-year US Treasury yield continues to rise, the dollar index approaches 99.5, and the opportunity cost of zero-yield assets like gold is directly amplified, with market liquidity funds shifting into US dollars and US bonds, draining the gold market.

② The Middle East safe-haven premium is receding. Under Qatar-mediated negotiations, the US and Iran are close to reaching an agreement on frozen assets, and the market is beginning to bet that the Hormuz Strait situation is controllable and the risk of large-scale conflict is decreasing. As safe-haven buying retreats, gold prices lose one of their strongest short-term support legs.

③ Oil prices → inflation → central bank hawkishness, holding costs are being re-evaluated. Although conflicts have eased, the inflation stickiness caused by oil prices surpassing $100 remains, and Federal Reserve officials continue to hawk (Kashkari, Cook have all indicated the possibility of further rate hikes). Gold, which bears no interest, naturally suffers in a high-interest-rate environment. Even UBS has cut its target price from 5900 to 5500, further weakening bullish confidence.

④ Technical support levels broken, triggering a stampede. Once the $4,500 level was breached, algorithmic stop-loss orders were triggered en masse, combined with a large amount of profit-taking accumulated at high levels, creating a chain reaction of selling pressure—"you sell, I sell"—which instantly deepened the decline, driven by a triple resonance of fundamentals, sentiment, and technicals.