On July 1, CICC's latest research report pointed out that gold may have already overpriced the expectation of interest rate hikes. The Fed's rate hike is still not the baseline scenario, and the gold market may have overpriced the expectation of rate hikes, with room for a pullback within the year. CICC's macro group believes that employment and consumption pressures, along with the increasing financing demand from the U.S. AI economy, may make it difficult for the Fed to turn substantially hawkish, and monetary policy may be "hawkish in name but dovish in reality." Based on the interest rate expectation model implied by gold prices, it is estimated that the current gold price of around $4,000 per ounce has fully priced in 3-4 rate hikes, higher than the market's pricing of rate hike expectations in the interest rate futures market. Looking ahead, after oil price declines are further reflected in U.S. short-term inflation data, the gold market's pricing of rate hike expectations may be corrected, and there may be opportunities for short-term capital to cover in the futures market. #Strategy拟回购股票