Gold Stages Corrective Rebound; Beware of Potential Pullback AftGOLD (US$/OZ)TVC:GOLDWillie_Colette However, from a macro perspective, gold's upside potential remains significantly constrained. The ongoing escalation of tensions in the Middle East—particularly the disruption of shipping routes in the Red Sea and the Strait of Hormuz—is keeping oil prices elevated and further reinforcing global inflation expectations. Market consensus suggests that, against the backdrop of rising energy prices, major central banks are likely to maintain high interest rates for a prolonged period; indeed, the possibility of further monetary tightening cannot be ruled out. This dynamic exerts significant downward pressure on gold, as a high-interest-rate environment increases the opportunity cost of holding the precious metal. From an event-driven perspective, the conflict in the Middle East is entering a more complex phase. Market intelligence indicates that the United States is reportedly considering ground operations against Iran, while Houthi forces have intensified their attacks, thereby further broadening the scope of the conflict. This situation not only drives up energy prices but also shocks the global economy and heightens market uncertainty. Theoretically, such geopolitical risks should provide support for gold; however, the current market is more focused on the ripple effects these risks have on inflation and interest rates—a focus that effectively dilutes gold's traditional safe-haven appeal. Concurrently, recent economic data has reinforced market expectations regarding restrictive monetary policies. Market pricing suggests that the Federal Reserve retains the potential to raise interest rates in the future; this outlook lends support to the U.S. dollar and, to a certain extent, limits the room for a sustained rebound in gold prices.