Since the beginning of the year, almost all of the gains in gold have been given back, with short-term fluctuations remaining the main trend.

Since hitting a historical high in late January this year, the international gold price has been fluctuating downwards. In June, as expectations of a rate hike by the Federal Reserve increased, the decline in gold prices accelerated significantly, almost erasing all gains since the beginning of the year. On June 8th, at the time of the author's report, the spot price of gold in London fell below $4300 per ounce, and market sentiment noticeably cooled. It is worth noting that, despite the continuous adjustment in gold prices, the enthusiasm of global central banks for buying gold has not weakened, and the proportion of gold in official global reserves continues to rise. Institutional experts believe that the energy price surge caused by the US-Iran conflict has not activated gold's traditional safe-haven function, but instead has suppressed gold prices due to inflation expectations. In the short term, the strengthening of the US dollar and the rise in US bond yields will increase the opportunity cost of holding gold, putting pressure on gold prices. However, in the medium to long term, factors such as continued accumulation of gold by global central banks, restructuring of the international reserve system, and long-term hedging demand will still support gold prices.