如何理解黄金这一轮调整？

Group 1 - The current gold price adjustment is fundamentally different from the decline in early April, as the recent drop occurred in a low-volatility rising environment of the S&P index, unlike the previous drop which was accompanied by significant volatility [1] - The impact of tariff shocks in early April was a key factor driving gold prices up, while the current uncertainty surrounding U.S. tariffs suggests that the extent of the gold price correction is limited [2] - The market may be overreacting to perceived softening in U.S. trade policy, as major trading partners have denied claims of significant progress in negotiations, indicating that achieving a resolution may be more complex and prolonged than anticipated [3] Group 2 - Typically, a rise in the U.S. dollar leads to a decline in gold prices; however, Deutsche Bank analysts suggest that the dollar alone can only explain about half of the recent drop in gold prices from peak to trough, indicating that other factors are also at play [5]