Image source: Eastmoney.comAsianFin -- The international gold market has been on a thrilling roller coaster ride since the end of July, with price swings that have captivated and unsettled investors worldwide. After trading steadily around $3,350 per ounce in late July, gold prices suddenly surged past $3,500 in early August before a sharp, three-day pullback dropped them more than 3%.This volatility, which left many retail investors in a cold sweat, was no random event. It was a complex four-act drama driven by the interplay of monetary policy, geopolitical factors, and market sentiment.The period from July 25 to August 12 saw the gold market navigate four distinct phases.The first phase, a sharp drop from July 25–July 30, was a period of "building momentum" for a safe-haven asset sell-off. As the market awaited the U.S. Federal Reserve's July policy meeting, gold's direction was uncertain. Hong Hao, Director of Guotai Junan Futures Research Institute, explained that gold often exhibits a "wait for confirmation" pattern ahead of key policy decisions, a result of the tension between investor caution and policy uncertainty. Further dampening sentiment were reduced tariffs on U.S.-Japan and U.S.-Europe auto trade, which eased global supply chain concerns. This led to a drop in the VIX fear index, a surge in the U.S. dollar, and a rise in U.S. Treasury yields, increasing the opportunity cost of holding non-yielding gold. With expectations for a rate cut cooling, gold was sold off, and its price plunged to a monthly low of $3,312 per ounce.The second phase, from August 1–4, was a sharp surge. The catalyst was a shocking U.S. non-farm payrolls report, which showed a meager increase of 73,000 jobs. This weak data caused the probability of a September rate cut to jump from 48% to 95%. The U.S. dollar fell, Treasury yields dropped, and a new 25% tariff imposed by Trump on India further heightened geopolitical risks. As the European Central Bank kept its rates unchanged, expectations for global monetary easing grew. Demand for gold soared, with global net inflows into gold ETFs reaching 28 tons in just three days, the highest weekly total this year.The third phase was a secondary rally from August 5–8, driven by a tariff rumor. Speculation that the U.S. would impose a 39% tariff on 1-kilogram gold bars caused a market frenzy, sending COMEX gold to an all-time high of $3,534.10 per ounce. The rumor, which was quickly denied by the White House, stemmed from concerns that such a tariff would disrupt gold futures deliveries.The fourth phase, a correction period from August 9–12, began when President Trump officially confirmed on social media that gold would not be subject to tariffs. This news caused gold futures on the New York Mercantile Exchange to drop by more than 2%, highlighting the significant impact of his statements on market volatility.This series of events underscores three key drivers of gold's recent behavior: monetary policy expectations, which were the primary force behind market sentiment; geopolitical risks, with both tariffs and conflicts acting as amplifiers of volatility; and a divergence between investment and physical demand. As gold prices have risen, investment demand has strengthened, but physical consumption of gold jewelry has declined.In response to the wild price swings, the Shanghai Gold Exchange issued an emergency notice on August 8 to strengthen market risk control. The notice outlined a "triple action" plan. First, it raised margin requirements for gold and silver contracts, effectively reducing leverage for traders. Second, it expanded the daily price limits for both gold and silver, providing more room for price swings and preventing liquidity freezes. Third, it strengthened reporting requirements for large accounts, forcing members with high trading volumes to disclose their trading purposes to prevent abnormal activities.According to industry insiders, this is a clear signal that regulators are concerned about market overheating and systemic risk. The measures are primarily aimed at "curbing" the influx of new retail investors who may not fully understand the risks of leveraged trading. While the measures may cool market enthusiasm in the short term, they are seen as a long-term step toward a more mature and stable gold investment environment.The brief panic over a potential 39% gold tariff—a so-called "Trump Tariff Blunder"—has raised questions about gold's future trajectory. The term refers to a previous incident where the Trump administration announced a 39% punitive tariff on Swiss exports, mistakenly viewing Switzerland's trade surplus, largely composed of re-exported gold, as "economic predation." This incident highlighted Trump’s consistent "America First" trade protectionism.Imposing a tariff on gold, however, is a unique and complex issue. A policy analyst at Industrial Securities pointed out that such a move could lead to a divergence between U.S. and international gold prices and alter global gold trade flows, with exports being redirected to Asian markets like China. It could also heighten market risk aversion, which would, ironically, benefit gold as a safe-haven asset.However, many experts, including the U.S. Gold Association, have strongly opposed the idea. Taylor Williams, its chairman, stated that gold is a unique commodity with unified global pricing, and tariffs would only disrupt market mechanisms and harm American investors. Similarly, the World Gold Council’s chief economist, Alasdair Murray, argued that gold’s financial attributes mean tariffs would only foster a black market, further disrupting trade. The conflict between a tariff and Trump’s calls for interest rate cuts further complicates the matter, as taxing gold is seen by some as a fundamental attack on currency itself.Looking ahead, analysts at Guotai Junan Futures Research Institute believe that gold will remain event-driven in the short term, with the Fed’s September meeting and upcoming U.S. CPI data being key indicators. In the medium to long term, the market remains strategically bullish on gold, with continued central bank purchases—particularly from emerging economies like China—and ongoing geopolitical risks laying a strong foundation for future growth.更多精彩内容，关注钛媒体微信号（ID：taimeiti），或者下载钛媒体App