The Fed's rate cut expectations cool down, and the safe-haven properties of gold are temporarily suppressed.

Against the background of ongoing conflicts in the Middle East and the obstruction of global shipping "arteries" in the Strait of Hormuz, gold, as a traditional safe-haven asset, did not see the expected big rise, but instead has been in a fluctuating downward trend since March. Industry insiders believe that multiple factors such as the decline in market expectations for Fed rate cuts, the temporary advantage of the US dollar as a safe haven, and the transfer of fund flows have all contributed to the short-term deviation of gold prices from geopolitical risks. In the short term, gold prices may mainly oscillate widely, while in the long term, they still have the potential to rise.