On March 30, the precious metals market is at a critical stage of "restructuring risk logic." On the surface, the continuation of geopolitical conflicts and rising global uncertainty should support a sustained strength in gold, but market performance is becoming more volatile, indicating that traditional risk-averse logic is failing. The core reason is that the dominant variables have shifted from "risk events" to "interest rates and liquidity." Rising energy prices reinforce inflation stickiness, leading the market to repeatedly adjust expectations for interest rate cuts, with real interest rates remaining high, suppressing the upward space for gold. It is worth noting that the current demand for safe havens has not disappeared but has undergone a "structural migration": some funds have shifted towards the US dollar and high-yield assets, and gold is no longer the only safe haven. However, from a medium to long-term perspective, global de-dollarization, central banks continuing to increase gold holdings, and the fragmentation of the geopolitical landscape are still solidifying the bottom of gold prices.

$XAU Short-term fluctuations remain at high levels and may even trend weakly, but the medium-term trend has not changed. A real breakthrough requires waiting for the "liquidity turning point + weakening US dollar" resonance; once triggered, gold may enter a new round of trend market. #亚洲股市跳水 #国际油价上涨 #美国“无王”抗议