Sina Finance, March 31. The Huatai Securities Research Report said that the recent decline in gold prices is mainly affected by liquidity crowding; when facing risks, investors tend to hold cash, and assets such as gold face sell-off. On the one hand, the geographical conflict in the Middle East has intensified, and the Gulf countries are facing cash flow pressure, and gold may face pressure to “break away from reality” in the short term; on the other hand, market concerns are compounded by stagflation compounded by weakening expectations of interest rate cuts, and fluctuations in risk assets have intensified, leading to a liquidity squeeze. The current similar macroeconomic scenario may refer to the 1973-1975 oil crisis. At that time, gold prices experienced two falls and two increases. Liquidity crowding caused by risk avoidance and economic recession during this period was the main cause of the fall in gold prices; stagflation and liquidity easing catalyzed two rounds of upward trends. Gold's medium- to long-term asset reallocation logic remains stable; grasping the pace of investment during risk events is critical.

Sina Finance, March 31. The Huatai Securities Research Report said that the recent decline in gold prices is mainly affected by liquidity crowding; when facing risks, investors tend to hold cash, and assets such as gold face sell-off. On the one hand, the geographical conflict in the Middle East has intensified, and the Gulf countries are facing cash flow pressure, and gold may face pressure to “break away from reality” in the short term; on the other hand, market concerns are compounded by stagflation compounded by weakening expectations of interest rate cuts, and fluctuations in risk assets have intensified, leading to a liquidity squeeze. The current similar macroeconomic scenario may refer to the 1973-1975 oil crisis. At that time, gold prices experienced two falls and two increases. Liquidity crowding caused by risk avoidance and economic recession during this period was the main cause of the fall in gold prices; stagflation and liquidity easing catalyzed two rounds of upward trends. Gold's medium- to long-term asset reallocation logic remains stable; grasping the pace of investment during risk events is critical.