Gold prices at home and abroad fluctuated “V-shaped” during the day. At the macro level, market bets on the Federal Reserve's interest rate hike in September declined after the FOMC meeting statement in July, putting off expectations for the first rate hike until March 2027 to promote the recovery of precious metals. Geographically, with the resumption of hostilities in the Middle East, the market's hopes that the conflict between the US, Israel and Iran will soon be over were dashed. WTI oil prices rose by nearly 7% during the day, and concerns about inflation continued to be the focus of market attention. At the financial level, two days before the Federal Reserve's interest rate decision was announced, global gold ETF holdings remained stable, financial sentiment was cautious, and investors were concerned about inflationary pressure and interest rate prospects.

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