[Institution: The core of the current gold trend lies in the renewed constraint on rate expectations due to rising energy prices] According to Jinshi reports, Cinda Futures pointed out that, based on current drivers, the core of the gold trend lies in the renewed constraint on rate expectations caused by rising energy prices. As the Middle East conflict persists, crude oil prices remain elevated, with Brent crude oil futures previously stabilizing above $100, significantly heightening market concerns about inflation stickiness. Against this backdrop, the market's assessment of the inflation decline trajectory has become more cautious, thereby weakening rate-cut pricing and driving the dollar to strengthen temporarily, exerting pressure on gold. Meanwhile, although recent employment data has been relatively weak, inflation expectations driven by energy are offsetting this positive factor, making gold's financial attributes lean bearish in the short term. On the policy front, the market broadly expects the Federal Reserve to keep rates unchanged for the second consecutive meeting, but the key lies in the forward guidance on the rate path. Particularly, Powell's evaluation of the impact of inflation and geopolitical conflicts will directly influence the market's judgment on the pace of subsequent easing.