Everbright Futures: Gold hits three-month low, market focuses on liquidity On October 23rd, the overnight market saw a significant weakening of gold, with London spot gold falling over 2.80% and hitting a low of around $4020; COMEX New York Gold December contract closed down 2.16%; SHFE Shanghai Gold's main force fell synchronously in the night session, closing down 1.88%, with both domestic and foreign markets linked downward. Overnight, the AI sector of the US stock market experienced concentrated selling, with the Nasdaq falling 2.60%, the largest single day decline since June, and the Philadelphia Semiconductor Index plummeting 6.7%. Investors liquidated high liquidity assets in response to margin requirements, leading to a sell-off in gold. The world's largest gold ETF SPDR reduced its daily holdings by 11.973 tons to 1045.644 tons. Gold is still in a low volatility phase in the short term. On a macro level, the number of first jobless claims in the United States fell to 194000 last week, hitting a three-month low and approaching the lowest level in 60 years. However, the number of contracts signed for unsold homes in September decreased by 7.3% month on month, far exceeding the expected decrease of 0.5%. The index dropped to 66.0, the lowest level on record for this series of data, with a year-on-year decrease of 11.3%. In terms of geopolitics, according to CCTV News citing US officials and insiders, the US and Israeli military have formulated a specific plan to launch a new round of military strikes against Iran after the midterm elections. They are planning a shorter but more intense operation, which may target Iran's energy infrastructure, nuclear facilities, missile and drone arsenal. The situation in the Middle East is once again uncertain, with financial markets fluctuating repeatedly, and gold falling below the oscillation range again. At present, gold is still sensitive to the transmission chain of "oil price inflation interest rate", and the expectation of interest rate hikes is repeatedly lingering, especially when there is no sign of easing in the Middle East situation, the market has raised the pricing of interest rate hike expectations. (Everbright Futures)