Currently, the gold market is experiencing a tug-of-war between bulls and bears, with the trend showing oscillation and a slight upward bias. On the bullish side, global central banks continue to increase their gold holdings, building a long-term support base; geopolitical conflicts and trade uncertainties boost safe-haven demand, leading to capital inflows into gold as a safe asset. Expectations of Federal Reserve rate cuts still exist, and declining real interest rates reduce the cost of holding gold. Coupled with resilient inflation, the anti-inflation properties of gold continue to strengthen. On the bearish side, US economic data remains relatively strong, reducing expectations for rate cuts, and the rebound of the dollar and US Treasury yields exert downward pressure. Geopolitical risks have eased temporarily, and the withdrawal of safe-haven funds has triggered short-term corrections. Additionally, gold prices are at high levels, with technical indicators showing overbought conditions and potential for a pullback, while profit-taking by speculative funds may also increase volatility. Overall, the long-term support for gold remains intact, but short-term fluctuations are amplified by policy and sentiment factors. Continue to be bullish on gold.