A pullback is not the end, buying the dip is an opportunity, wait for the wind.

CICC research report states that since March, gold has retreated, once falling below $4,000 per ounce, with a drawdown of over 25%. The US-Iran conflict has pushed up oil prices and inflation, and the market is concerned about inflation persistence. At the June FOMC meeting, Warsh's debut was hawkish, the dot plot revised inflation expectations, and half of the voting members supported at least one rate hike this year. The market still sees inflation control as the Fed's core, with futures pricing one more rate hike each in 2026 and 2027, and a stronger dollar suppressing gold. The report says US inflation may have peaked and could decline in the second half of the year. Warsh's debut does not mean a complete shift to tightening, and the gold pullback is not the end of the bull market. It recommends buying on dips and waiting for a turnaround.