UBS Group analyst reiterated their optimistic view on gold, stating that it should be bought on dips. Last week, impacted by China's suspension of gold purchases in May, strong US non-farm payroll data, strong corporate profits, rising US Treasury yields, and the appreciation of the US dollar, the gold price fell. UBS Group pointed out that the non-farm payroll report also showed signs of weakness, such as the unemployment rate climbing to 4% and the labor participation rate declining. In addition, there are also some positive factors that support the gold price. Firstly, assuming that China's gold purchasing volume may be underestimated, and other central banks are still buying gold, it is expected that the total demand will reach 950-1000 tons by 2024. Secondly, UBS Group predicts that the Fed will indicate two rate cuts this year in today's dot plot. Finally, continuing geopolitical risks and the upcoming US presidential election are further reasons to buy gold.