Gold experienced its largest single-week decline in 43 years, mainly due to:

①The Middle East US-Iran conflict (Strait of Hormuz/Persian Gulf) causing energy prices to surge, driving up global inflation expectations; the escalation of the conflict severely disrupts oil transportation, leading to a sharp increase in supply chain costs.
②Major global central banks collectively adopting a hawkish stance, significantly reducing expectations for rate cuts, with the market lowering the projected number of rate cuts in 2026 from two to one or even fewer.
③Previous gains were excessive, combined with crowded speculative positions, profit-taking, and a cascading effect.

This is not a failure of "buying gold during turbulent times," but rather a shift in market trading focus from "hedging against uncertainty" to "concerns about stagflation and monetary policy tightening," resulting in short-term "reverse crushing" of gold.

Support levels to watch below: 4410-4210 0192837465657458379201