Recently, international gold prices fluctuated again after a rapid rebound. London gold has now gradually recovered since falling below 3,900 US dollars per ounce at the end of October. It returned above 4,100 US dollars/ounce in the intraday market on November 5, and fell back to around 4,050 US dollars/ounce as of the press release on November 6. Analysts believe that the fall in US dollar and US bond yields and the easing of energy inflation expectations have provided support for the recovery of gold prices, but expectations of interest rate hikes and liquidity disturbances still exist. The central bank's inflow of gold purchases and gold ETF funds shows that allocation demand is resilient. In the fourth quarter, we can pay attention to batch allocation opportunities in the gold price pullback. In the future, we need to observe US employment, inflation data, and the Federal Reserve's policy signals.

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