Spot gold hit a new historic high, and the precious metals sector rose in early trading. Liu Tingyu, the fund manager of the gold stock ETF, analyzed that there is still room for upward trend of the gold price in the second half of the year. Under the global interest rate decline cycle, the downward trend of inflation and the upward trend of unemployment rate in the United States are difficult to reverse in a high interest rate environment. If the Fed continues to cut interest rates, it is expected to start a new round of gold bull market. From the perspective of trading, the current largest gold ETF (SPDR) holdings and the most active gold futures (COMEX) non-commercial net long positions are still far from their historical highs, buyers have room to increase their positions, and the gold price may not have reached its peak yet.