Safe-haven funds shift to US Treasuries; gold prices may struggle to reverse their slump in the short term.

Title context: Text: After a brief rebound, international gold prices returned to weakness, once again falling below $4,000/oz. On October 30, London spot gold once fell below $3,970/oz, down more than 15% cumulatively from its intraday high on August 25. Meanwhile, the main contract of domestic Shanghai gold futures also extended its weakness, hitting an intraday low of 854.72 yuan/gram, the lowest since 2026. Industry insiders said that some safe-haven funds flowing to US Treasuries rather than gold, high oil prices pushing up inflation expectations, and the Federal Reserve maintaining a hawkish stance on monetary policy together constitute the main pressures on the current gold market. In addition, changes in gold ETF fund flows have also exacerbated market concerns about short-term trends. In the short term, gold prices may maintain weak fluctuations, and whether prices can stabilize in the future still requires observation of geopolitical developments, international oil prices, US inflation data, and changes in real interest rates.