[CICC Wealth Futures: Under the AI siphoning effect, liquidity pressure remains the main reason for gold's weakness] According to a report by Jinse Finance, on June 30, Israel unilaterally announced it would launch military action against Lebanon, but the impact on crude oil prices was limited. U.S. stocks staged a violent rebound, yet gold remained weak. Currently, central bank purchases of gold continue to serve as a stabilizing force for gold demand, but this is a slow-moving variable—sufficient for stabilization but insufficient for upward momentum. At present, gold prices show the highest correlation with the scale and flows of gold ETFs. Under the AI siphoning effect, liquidity pressure remains the main reason for gold's weakness.