Since the beginning of this year, gold's gains have almost entirely been given back; in the short term, it will mainly fluctuate.

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Golden Finance reports that on June 9th, since reaching a historic high in late January this year, international gold prices have continued to fluctuate downward. As June progresses, with expectations of Federal Reserve interest rate hikes intensifying, the decline in gold has accelerated noticeably, with nearly all gains this year being wiped out. It is worth noting that despite the ongoing adjustment in gold prices, the enthusiasm of global central banks for gold purchases has not waned, and the proportion of gold in official reserve assets worldwide continues to increase. Industry experts believe that the surge in energy prices triggered by the conflict between the U.S., Israel, and Iran has not activated the traditional safe-haven function of gold; instead, it has suppressed gold prices by boosting inflation expectations. In the short term, a strong dollar and rising U.S. Treasury yields increase the opportunity cost of holding gold, putting continued pressure on gold prices. However, from a medium- to long-term perspective, factors such as ongoing central bank gold accumulation, the restructuring of the international reserve system, and persistent safe-haven demand will still support gold prices. (China Securities Journal)
GLDX-2.12%
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