After several months of fluctuating correction, international gold prices have risen markedly recently, boosted by factors such as the weakening US dollar and risk aversion in the market. By the close of trading on the 21st, international gold prices had broken through the 4,600 US dollars per ounce mark and reached a new high in three months. According to news from the US side on the 21st, the weakening of the US dollar, recent fluctuations in US long-term treasury yields, and market concerns about the US debt problem are important factors driving the recent rapid rise in international gold prices. Market sources pointed out that the US Treasury announced an intervention policy to provide more liquidity support for the long-term treasury bond market on the 19th, releasing an important signal to the market that the US is trying to reduce long-term bond yields, so that gold forms a rare “double path benefit” pattern: if the repurchase operation is effective, the decline in US long-term bond yields will reduce the opportunity cost of holding gold; once the effects of the policy fall short of expectations, the financial risks of US debt are further revealed, and gold can also be used as a credit hedging asset to obtain support. In other words, under both scenarios, the price of gold will be boosted. Furthermore, analysts also pointed out that in order to reduce the risk of domestic reserve assets being affected by fluctuations in the US dollar, central banks continued to increase their gold holdings, which provided strong support for gold prices. The UBS Wealth Management Investment Director's Office said that central banks around the world purchased 289 tons of gold in the second quarter, and the central bank's gold purchase volume is expected to be between 750 and 1,000 tons throughout the year, and demand for gold purchases will remain high. However, some industry insiders pointed out that the gold market is clearly intertwined recently. Concerns about inflationary stickiness have been repeated due to the prolonged geographical conflict in the Middle East and high oil prices. Furthermore, the short-term cumulative increase in gold prices is not small, and profit settlement pressure may trigger a pullback at any time.

After several months of fluctuating correction, international gold prices have risen markedly recently, boosted by factors such as the weakening US dollar and risk aversion in the market. By the close of trading on the 21st, international gold prices had broken through the 4,600 US dollars per ounce mark and reached a new high in three months. According to news from the US side on the 21st, the weakening of the US dollar, recent fluctuations in US long-term treasury yields, and market concerns about the US debt problem are important factors driving the recent rapid rise in international gold prices. Market sources pointed out that the US Treasury announced an intervention policy to provide more liquidity support for the long-term treasury bond market on the 19th, releasing an important signal to the market that the US is trying to reduce long-term bond yields, so that gold forms a rare “double path benefit” pattern: if the repurchase operation is effective, the decline in US long-term bond yields will reduce the opportunity cost of holding gold; once the effects of the policy fall short of expectations, the financial risks of US debt are further revealed, and gold can also be used as a credit hedging asset to obtain support. In other words, under both scenarios, the price of gold will be boosted. Furthermore, analysts also pointed out that in order to reduce the risk of domestic reserve assets being affected by fluctuations in the US dollar, central banks continued to increase their gold holdings, which provided strong support for gold prices. The UBS Wealth Management Investment Director's Office said that central banks around the world purchased 289 tons of gold in the second quarter, and the central bank's gold purchase volume is expected to be between 750 and 1,000 tons throughout the year, and demand for gold purchases will remain high. However, some industry insiders pointed out that the gold market is clearly intertwined recently. Concerns about inflationary stickiness have been repeated due to the prolonged geographical conflict in the Middle East and high oil prices. Furthermore, the short-term cumulative increase in gold prices is not small, and profit settlement pressure may trigger a pullback at any time.