On August 21st, regarding gold price trends, Lu Weijia, Trading Director of Heraeus Precious Metals China, stated that Heraeus expects gold prices to fluctuate within the $3,200-$3,600 per ounce range in the short term.

Lu Weijia noted that the gold market has recently maintained consolidation, with London gold oscillating slightly in the $3,300-$3,400 per ounce range. The global tariff war situation has eased somewhat, and US gold imports have not been included in the tariff scope. After gold surged to $3,400 per ounce, it retreated, and the New York premium over London also contracted from $100 per ounce to $55 per ounce. As US-Russia negotiations promote a ceasefire in the Russia-Ukraine conflict, market geopolitical safe-haven demand has declined slightly.

He stated that after US economic data experienced a significant miss in non-farm payrolls, CPI continued to meet expectations, but the market believes data credibility has declined. Currently, data-based adjustments to rate cut expectations remain minimal, with expectations still for the Federal Reserve's first 25 basis point rate cut in September. However, the Fed remains cautious in its rate cut rhetoric, while internal divisions intensify, with a minority of officials supporting a September rate cut. The market awaits clearer guidance from the Jackson Hole central bank symposium. Recently, Trump continues to pressure the Fed, especially Powell and certain hawkish officials. His recent criticism of the Fed may exacerbate market concerns about US monetary policy independence, providing further support for gold.

Lu Weijia believes that high gold prices continue to suppress physical gold consumption, and investment enthusiasm has also cooled. However, central banks worldwide continue to increase holdings, with the People's Bank of China adding 60,000 ounces of gold in July, marking the ninth consecutive month of increases. If central bank gold purchases persist, gold prices will continue to have support.