The conflict between the US and Iran once again escalated, and overnight, London's spot precious metals weakened sharply. Overseas monetary policies are hawkish, and expectations of interest rate hikes in September are once again heating up, compounded by a sharp rise in crude oil to drive concerns about inflation. Gold entered a pullback under pressure in the short term. On the macro side, the US manufacturing ISM index fell to 54.6 in August, lower than the forecast of 55.2, but it is still the second highest since 2022. Among them, the new orders index fell to 53.7, the weakest since March; the number of people employed in factories increased for the second month in a row; and the price index remained unchanged at 71.1. There were 7.27 million JOLTS job vacancies in the US in July, lower than the forecast of 7.31 million, but manufacturing job vacancies rose to the highest level since December 2023, and the number of layoffs in July fell to the lowest since January this year. On the geopolitical side, the US military has begun attacking targets in Iran. Trump said that if Iran retaliates, it will be hit harder. Iran's energy hub port was attacked, and Iraq began to fight back. Walsh is an eagle, the situation in the US and Iran has escalated, oil prices have once again risen, and the Fed may restart interest rate hikes and become a topic that cannot be avoided in September. Affected by this, gold may continue to be cautious. However, the conflict between interest rate hikes to suppress inflation and rising interest rates on US long-term treasury bonds is difficult to resolve. Gold may once again be favored by the market as the ultimate credit hedging tool, so keep an eye on the pace. Gold's short-term fluctuations have increased and even continued to pull back, but the medium-term upward trend is difficult to change. Continue to monitor the progress of the release of negative risk events.

The conflict between the US and Iran once again escalated, and London's spot precious metals weakened sharply overnight. Overseas monetary policies are hawkish, and expectations of interest rate hikes in September are heating up again, compounded by a sharp rise in crude oil to drive concerns about inflation. Short-term gold is under pressure to enter a pullback. On the macro side, the US manufacturing ISM index fell to 54.6 in August, lower than the forecast of 55.2, but it is still the second highest since 2022. Among them, the new orders index fell to 53.7, the weakest since March; the number of people employed in factories increased for the second month in a row; and the price index remained unchanged at 71.1. There were 7.27 million JOLTS job vacancies in the US in July, lower than the forecast of 7.31 million, but manufacturing job vacancies rose to the highest level since December 2023, and the number of layoffs in July fell to the lowest since January this year. On the geopolitical side, the US military has begun attacking targets in Iran. Trump said that if Iran retaliates, it will be hit harder. Iran's energy hub port was attacked, and Iraq began to fight back. Walsh is an eagle, the situation in the US and Iran has escalated, oil prices have once again risen, and the Federal Reserve may restart interest rate hikes and become a topic that cannot be avoided in September. Affected by this, gold may continue to be cautious. However, the conflict between interest rate hikes to suppress inflation and rising interest rates on US long-term treasury bonds is difficult to resolve. Gold may once again be favored by the market as the ultimate credit hedging tool, so keep an eye on the pace. Gold's short-term fluctuations have increased and even continued to pull back, but the medium-term upward trend is difficult to change. Continue to monitor the progress of the release of negative risk events.