Since September, the focus of gold prices has declined. As of September 17, Fubao reported 99.99% of gold in stock at 929.1 yuan/gram, a cumulative decrease of 3.5% compared to the beginning of the month. The reasons for this round of withdrawal include: 1. Continued travel restrictions in the Strait of Hormuz under the standoff between the US and Iran, the temporary suspension of Saudi oil pipelines, intense disputes in the Red Sea region, restrictions on the three major crude oil export routes, and a wide rise in fuel delivery, boosting subsequent inflation expectations; 2. The annual US CPI rate for August failed to fall as expected, and the market gradually set the Federal Reserve's interest rate hike, and finally the boot landed. Looking at the future market, US bond yields are currently running at a high level, squeezing the US treasury and causing the market to worry about the safety of dollar assets. The Saudi pipeline is expected to recover in the short term. Gold was oversold due to excessive pricing in the early stages, and there is a high possibility of an upward recovery after further shortfalls and technical recovery. However, we still need to pay attention to the progress of the geographical situation in the Middle East. If oil prices rise further, we need to be wary of the Federal Reserve's continuous interest rate hikes to suppress gold.

Since September, the focus of gold prices has declined. As of September 17, Fubao reported 99.99% of gold in stock at 929.1 yuan/gram, a cumulative decrease of 3.5% compared to the beginning of the month. The reasons for this round of withdrawal include: 1. Continued travel restrictions in the Strait of Hormuz under the standoff between the US and Iran, the temporary suspension of Saudi oil pipelines, intense disputes in the Red Sea region, restrictions on the three major crude oil export routes, and a wide rise in fuel delivery, boosting subsequent inflation expectations; 2. The annual US CPI rate for August failed to fall as expected, and the market gradually set the Federal Reserve's interest rate hike, and finally the boot landed. Looking at the future market, US bond yields are currently running at a high level, squeezing the US treasury and causing the market to worry about the safety of dollar assets. The Saudi pipeline is expected to recover in the short term. Gold was oversold due to excessive pricing in the early stages, and there is a high possibility of an upward recovery after further shortfalls and technical recovery. However, we still need to pay attention to the progress of the geographical situation in the Middle East. If oil prices rise further, we need to be wary of the Federal Reserve's continuous interest rate hikes to suppress gold.