Gold price fluctuations at high levels lead to disagreement between long and short positions. The buying spree of central banks for gold continues to heat up.

The international gold price is experiencing high-level fluctuations. Amid geopolitical conflicts, the price of gold futures on the Chicago Mercantile Exchange plunged significantly after hitting a near one-month high on June 16, falling below $3400 per ounce by the evening of June 18. At the same time, there has been a change in the direction of funds in the global gold market, with gold ETFs experiencing net outflows for the first time since November last year. There is a divergence in the market's judgment on the future trend of gold prices. Citibank believes that in a pessimistic scenario, the price of gold may fall below $3000 per ounce. However, the latest survey by the World Gold Council shows that over 90% of central banks expect to continue increasing their gold holdings in the next year.