Precious metals welcome oversold repair window, multiple factors catalyze to build solid bottom support.

Recently, the precious metals market has experienced a wave of "crouch first, jump later" trend. After hitting a low point on June 11th, gold, silver, platinum and palladium all rebounded, with London spot silver rising more than 14% from its low point, while gold, platinum, and palladium recorded gains ranging from 7% to 12%, indicating a significant improvement in market sentiment. However, looking at a longer time frame, the price of gold is still down more than 20% from its high at the beginning of the year, and overall remains in a volatile recovery channel. Industry insiders believe that the recent rebound in precious metals after the sharp decline is mainly driven by the cooling of geopolitical tensions, weakening US inflation expectations, and increasing expectations of Fed easing policy, prompting funds to quickly reprice on the margin. In the medium to long term, the continued increase in gold holdings by central banks globally, the continuation of de-dollarization trends, and the ongoing loose monetary policy cycle, still solidify the bottom support of precious metals, and the long-term allocation logic of gold has not fundamentally changed.