On August 25, the US dollar index rose by 0.72%, recording its largest single-day increase in nearly a month and suppressing gold price trends. COMEX gold futures prices continued to decline in the late trading session. By the close, COMEX gold futures fell 0.23% to $3,410.7 per ounce. At the close of the Asian market, the China Gold ETF (518850) rose 0.69%, with net subscriptions recorded in 7 out of the last 10 trading days, accumulating a total of ¥190 million in capital inflows. The Gold Stock ETF (159562) increased by 4.43%.

Data shows that the holdings of the world's largest gold ETF, SPDR Gold Trust, stood at 958.49 tons, an increase of 1.72 tons from the previous trading day.

Baocheng Futures analysis pointed out that following Fed Chair Powell's speech at the Jackson Hole meeting last Friday, gold prices experienced volatile adjustments yesterday. Market expectations for interest rate cuts may already be reflected in the trading session, with the market still pricing in a high probability of two rate cuts within the year. The rebound in market risk appetite has led to continued strength in equity markets, reducing the demand for gold as a safe-haven asset. Sustained attention should be paid to the battle between bulls and bears around the $3,400 level for New York gold.