Almost all gold gains since the beginning of the year have been wiped out; short-term trend remains volatile

```htmlGolden Ten Data reported on June 9th that since reaching a record high in late January this year, international gold prices have continued to fluctuate downward. As June began, with heightened expectations of a Federal Reserve rate hike, the gold price decline has accelerated noticeably, nearly erasing all gains since the start of the year. Notably, while gold prices keep adjusting, global central banks remain enthusiastic about buying gold, and the proportion of gold in global official reserve assets continues to rise. Experts believe that the spike in energy prices triggered by the Israel-Iran conflict has not activated gold’s traditional safe-haven function and, by instead raising inflation expectations, has suppressed gold prices. In the short term, the strengthening US dollar and rising US Treasury yields have increased the opportunity cost of holding gold, keeping prices under pressure. However, from a medium- and long-term perspective, factors such as ongoing gold purchases by global central banks, the restructuring of the international reserve system, and persistent safe-haven demand will continue to support gold prices.```