According to a report by the World Gold Council, global physical gold ETFs saw inflows of $2.1 billion in August, marking the fourth consecutive month of inflows. In the Asian region, India's market saw the strongest surge since April 2019, while China's gold ETF experienced net outflows, ending its eight-month streak of net inflows. Specifically, Western markets led the way in inflows, with $1.4 billion flowing into global physical gold ETFs in North America in August. The main reasons are as follows: firstly, there were clear signs of an interest rate cut by the Federal Reserve in September, leading to a significant drop in the yield of the U.S. 10-year Treasury notes and the value of the U.S. dollar in August, reducing opportunity costs and driving gold prices to new highs; secondly, the strong performance of gold sparked the exercise of major gold ETF call options, leading to a large influx of gold on the option expiration date; finally, the rapid escalation of geopolitical tensions in the Middle East and the conflict between Russia and Ukraine. Overall, global gold market trading remains active, with an average daily trading volume of $241 billion, a slight month-on-month decrease of 3.2%.