The US PPI data and consumption data released yesterday are still hot, but risk aversion is mainly driven by the strengthening of US debt. Gold also stimulated safe-haven factors. Combined with the fall in the US dollar, gold clearly rebounded. We maintain our previous view. Although the current macro environment still has obvious pressure on gold, gold has a safe-haven function and allocation value, and we still recommend focusing on opportunities to go long after the price of gold falls back down.

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