The CITIC Construction Investment Research Report said that since May, after the Federal Reserve completed its interest rate hike at the beginning of the month, gold fluctuated adjustments. On the one hand, it was a process of revising the market's overly aggressive expectations about the pace of the Fed's interest rate cut under lagging employment data and continued statements from officials. At the same time, it was also due to demand for technical adjustments near the initial resistance level after previously fulfilling our target for the first half of the year. Employment data is lagging behind. It is expected that in the medium term, under the influence of the US recession and the formal shift in monetary policy, the US dollar index will continue to fall. Gold is still on an upward trend. It is expected to rise to around 2,200 by the end of the year. It is still the first major asset class, and short-term pullbacks can increase holdings.