[Federal Reserve Rate Cut Expectations Cool Down, Gold's Safe-Haven Attribute Temporarily Suppressed] Amid ongoing geopolitical conflicts in the Middle East and disruptions to the passage through the global shipping 'artery'—the Strait of Hormuz—gold, as a traditional safe-haven asset, has not experienced the anticipated surge. Instead, it has been in a state of fluctuating decline since March. Industry insiders believe that multiple factors, including the cooling of Federal Reserve rate cut expectations, the temporary safe-haven advantage of the U.S. dollar, and shifts in capital flows, have collectively led to the short-term divergence between gold prices and geopolitical risks. In the short term, gold prices may primarily exhibit wide fluctuations, while in the long term, they still hold potential for growth. (China Securities Journal)