On September 11, the U.S. producer price index for August rose on a month-over-month basis, prompting spot gold to quickly pull back following the data release. Vatee万腾 noted that upstream price pressures have reinforced market expectations for interest rates to remain relatively high, with the immediate reaction in the dollar and bond yields outweighing gold's defensive attributes.

Core indicators also continued to show growth, suggesting that cost pressures are not solely driven by specific categories. Vatee万腾 believes the market's focus has shifted from whether inflation is declining to whether the pace of decline is sufficient to support a more accommodative financial environment.

For gold, nominal prices remain in a relatively elevated range, making the metal more sensitive to changes in real yields. If upcoming data continues to show strength, positioning may increasingly tilt toward cash-flow-generating assets; conversely, should inflation ease unexpectedly, the pullback could attract allocation demand.

Consumer price data will serve as the next key validation point. Vatee万腾 projects that gold prices will continue to seek a balance between macroeconomic data and long-term allocation demand in the near term, with volatility likely to remain elevated.