International gold prices have plunged sharply, is the "hawkish" stance of the Federal Reserve choking the gold market?

Federal Reserve Chairman Powell released a hawkish signal, dragging down international gold prices significantly overnight. The London gold price once fell below the $3300 mark, leading to the question of whether the gold bull market can still continue. Xu Quanhan, chief analyst of Industrial and Commercial Bank's precious metals strategy, stated that as the US economic growth is slowing marginally, there is a high probability that the Federal Reserve will still initiate interest rate cuts this year. In the medium to long term, the downward trend of the US dollar's credit is expected to provide favorable support for international gold prices.