The Middle East situation has been repeatedly compounded, and tonight's non-farm data release has led institutions to adopt a wait-and-see attitude towards gold in the short term.

Ruida Futures pointed out that the recent statements are clearly deviating from the previous market expectations of easing tensions, indicating that the situation in the Middle East may not calm down in the short term, and the duration of the Iran war may be further prolonged. For the market, this expectation gap will prompt the withdrawal of the previous "conflict marginal easing" trading logic, leading to disruptions in crude oil supply, high energy prices, and re-inflation trades potentially heating up again, thus continuing to support the US dollar and inflation expectations, and limiting the short-term recovery space for precious metals. Dongzheng Futures also expressed concerns about the prospects of conflict in the Middle East, stating in the morning report on April 3 that the situation in the Middle East has not been completely resolved, and there may be another fierce wave of attacks around April 6. The market as a whole is experiencing severe volatility as the conflict progresses, making trading difficult, and gold has not stabilized yet. Most European and American markets are closed today, with non-farm payroll data to be released in the evening, and conflicts may escalate again over the weekend.