The environment faced by precious metals last week was the resilience of the US economy, concerns about inflation due to high oil prices, and expectations of a recovery in interest rate hikes that exceeded expectations. CME data showed that interest rate hikes were still heating up. If the FOMC actually raises interest rates in September, it will mark a fundamental reversal of the policy tone of the easing cycle since 2024. Afterwards, the market's expectations for the September rate hike are still above 60%. This also means that interest rate hikes are not fully priced, or that the market is afraid to “overdo” pricing. This may be due to the fact that interest rate hikes do not solve the problem of high oil prices due to geopolitical conflicts, and are also hampered by the US debt problem. As a result, we see that although the environment was unfavorable to gold last week, the rebound in gold was not completely over. Overall, there is great uncertainty about the Federal Reserve interest rate meeting in September. Gold may pay more attention to the performance of the US economy and inflation data, and the price performance may also be repeated. It is recommended to adopt a flexible configuration approach based on interval thinking.

The environment faced by precious metals last week was the resilience of the US economy, concerns about inflation due to high oil prices, and expectations of a recovery in interest rate hikes that exceeded expectations. CME data showed that interest rate hikes were still heating up. If the FOMC actually raises interest rates in September, it will mark a fundamental reversal of the policy tone of the easing cycle since 2024. Afterwards, the market's expectations for the September rate hike are still above 60%. This also means that interest rate hikes are not fully priced, or that the market is afraid to “overprice” them. This may be due to the fact that interest rate hikes do not solve the problem of high oil prices due to geopolitical conflicts, and are also hampered by the US debt problem. As a result, we see that although the environment was unfavorable to gold last week, the rebound in gold was not completely over. Overall, there is great uncertainty about the Federal Reserve interest rate meeting in September. Gold may pay more attention to the performance of the US economy and inflation data, and the price performance may also be repeated. It is recommended to adopt a flexible configuration approach based on interval thinking.