CICC Wealth Futures: The current gold market should be viewed as an oversold rebound, possibly similar in nature to the late-July move.

According to Saudi media, the United States has agreed to allow Iran to maintain uranium enrichment at a maximum level of 3.67%, and the Iranian side has also accepted this. The two sides are still arranging discussions on the return of International Atomic Energy Agency inspectors to Iran and are expected to reach a preliminary agreement on Iran's uranium enrichment level. Affected by this, the price of Brent crude oil once plunged by nearly 8%, while gold rebounded noticeably. At present, factors such as US-Iran peace talks and the easing of selling pressure in US stocks are bringing repair opportunities to global major asset classes, and gold's movement is in line with expectations. The current gold market is being viewed as an oversold rebound, and its nature may be similar to the market movement at the end of July.