Group 1 - Recent geopolitical risk easing and profit-taking have led to a significant short-term pullback in gold prices, but this adjustment is viewed as a technical correction within an overall upward trend, not altering the medium-term bullish outlook for gold [1][3] - The recent rapid decline in gold prices was primarily driven by profit-taking and a reduction in geopolitical premiums due to the resumption of US-Iran nuclear talks, resulting in a temporary liquidity gap [3] - Central bank gold purchases have been a solid foundation for gold's price increase, with global central banks net buying over 1,000 tons of gold annually from 2022 to 2024, indicating strong demand and a supportive supply-demand dynamic [5] Group 2 - The market is currently in a rate-cutting cycle, with expectations for the Federal Reserve to lower rates twice in 2026, which supports the relative value of zero-yield assets like gold [4] - The ongoing process of de-dollarization and uncertainty in the credit system are expected to sustain gold's long-term premium, as geopolitical tensions and changes in the global monetary system enhance gold's status as a sovereign asset [5] - Technically, gold's weekly divergence has been corrected, indicating a continued upward trend, with key support at $4,630 and resistance at $5,010 [5]