On May 11, the international gold market exhibited signs of stabilization and recovery. Spot gold prices have reclaimed a position above $4,700 per ounce following a two-week pullback, with prices rising approximately 0.65% to around $4,716 on Friday. Silver prices also strengthened in tandem, gaining over 2%. The return of gold to the $4,700 level reflects a phased return of bullish forces, as the market gradually digests the panic from the earlier correction. Analysis suggests the current rebound is supported by a confluence of macroeconomic factors and institutional allocation demand, with the long-term investment thesis for precious metals as cross-cycle assets remaining intact. On the macroeconomic front, the Federal Reserve's benchmark interest rate remains stable within the 3.5% to 3.75% range. Energy prices, elevated by Middle East conflicts, are preventing inflation pressures from receding rapidly, leading to a significant cooling of market expectations for interest rate cuts within the year. The divergence within the Fed and the uncertain policy path make the timing of rate cuts difficult to confirm, yet the long-term downtrend in real interest rates has not fundamentally changed. The core drivers for the upward shift in gold's price anchor are identified as central bank reserve diversification, the evolution of the dollar system, and safe-haven demand. Institutional clients have increased their allocations near the lower bounds of the adjusted trading range. From a technical perspective, gold's daily chart shows a renewed bullish alignment after breaking through short-term moving average resistance. The MACD momentum has turned positive, and the KDJ indicator has risen significantly from oversold territory, indicating that bearish forces have been largely exhausted for this phase. At the institutional level, observations confirm that global central bank gold purchases continue uninterrupted, with physical demand in Asia remaining robust. Key indicators for gauging genuine capital flows include marginal changes in ETF holdings, physical demand from wedding seasons in India and the Middle East, and the COMEX gold futures delivery ratio. Additionally, the structure of gold option open interest, the gold-silver ratio trend, and the relative performance of mining stocks serve as supplementary metrics for observing shifts in capital sentiment and market risk appetite. Cross-verification of these multi-dimensional signals aids in enhancing judgment accuracy. The short-term outlook for gold prices suggests potential consolidation within the $4,600 to $4,900 per ounce range, with room for further upside in the medium to long term. It is emphasized that investors should fully understand the characteristics of precious metals as cross-cycle assets. Key indicators to monitor include real interest rates, the U.S. Dollar Index, oil price trends, and global risk-off sentiment. Investors are advised to avoid chasing rallies or selling into panics around data releases, and instead adopt a measured approach by building positions in batches according to their individual risk tolerance, navigating the current policy observation window with a steady rhythm.