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Guosheng Securities report believes that the next American confrontation could signal an escalation of the conflict between Iran and Israel. In recent years, there have been continuous geopolitical conflicts in regions such as Russia and Ukraine, the Middle East, and India and Pakistan. The increasing uncertainty of global geopolitics has led to gold being seen as the ultimate safe-haven asset and may see increased allocation. Zhongxin Securities also believes that risk aversion sentiment often catalyzes the price of gold on the eve of a war, with two patterns emerging in the price trend after the war. The first is that when there is market anticipation of conflict before the war, the price of gold often rises sharply on the first day of the war and then falls back. The second pattern is that when there is a lack of market anticipation of conflict before the war, the price of gold reaches a short-term high around ten days after the war begins and then falls back as the situation becomes clearer. Looking further into the future, with the United States shifting towards strategic shrinkage and increasing instability in international relations, geopolitical factors will continue to catalyze gold in the long term.