布米普特拉（北京）投资基金管理有限公司：金价调整，牛市未终结

Core Viewpoint - The recent decline in international gold prices is viewed as a technical adjustment rather than a fundamental reversal of the long-term bullish trend in gold [2][3] Group 1: Factors Contributing to Short-term Pressure on Gold Prices - The postponement of interest rate cuts by the Federal Reserve has increased the opportunity cost of holding gold, leading to a stronger US dollar and direct pressure on gold prices [2] - Technical profit-taking has occurred due to the previous rapid increase in gold prices, resulting in increased volatility and price corrections as speculative long positions are liquidated [2] Group 2: Long-term Support for Gold Prices - Central banks globally continue to increase their gold reserves, driven by geopolitical risks and the diversification of foreign exchange reserves, providing strong structural buying support for the market [2] - Geopolitical risks remain high, reinforcing gold's status as a safe-haven asset [2] - The rapid expansion of global debt and potential financial crisis risks undermine the credibility of fiat currencies, enhancing the monetary value of gold [2] Group 3: Future Outlook for Gold Prices - The current decline is seen as a healthy "mid-game break" that allows for the digestion of crowded long trades, potentially setting the stage for the next upward movement [3] - Investors should focus on the strategic value of gold as a hedge against uncertainty rather than a tool for short-term profit [3] - Future gold price movements will depend on the timing of the Federal Reserve's policy shift and the evolution of global macro risks, with volatility expected to be a constant [3]