Zhongjin Wealth Futures: The liquidity pressure faced by gold still needs to wait for the final resolution of the US-Iran conflict to disappear.

Oil prices fell back, and gold rebounded. Although the United States and Iran have not yet signed a formal agreement regarding the conflict, Iran will remove mines from the strait and waive toll fees within 30 days after the ceasefire agreement is reached. However, the market has fully priced in the expectation that Trump will eventually compromise, leading to a significant drop in oil prices yesterday. The gold market shows no clear trend, and we believe that the liquidity pressure it faces will only disappear once the US-Iran conflict is finally resolved, limiting the short-term investment value of gold.