International gold prices fell more than 3% this week, analysts say further pressure may continue

Recently, international gold prices have shown significant volatility. On October 23rd, during Asian trading hours, spot gold once fell below $4,000 per ounce for the first time since July. This week, international gold prices have fallen by more than 3%. Wang Jun, chief expert at Green Dahua Futures, analyzed that three major factors have led to the recent decline in international gold prices: First, high oil prices, with Brent crude oil surpassing $114 per barrel, have reinforced the stickiness of global and US inflation. Second, expectations for another Federal Reserve rate hike in December have increased. Persistently high US inflation has pushed the US dollar and US Treasury yields higher in global markets, further reducing the attractiveness of gold. This is the main driver behind the recent decline in gold prices. Third, global liquidity is tightening and deleveraging is taking place. It is expected that international gold prices will remain under pressure in late October and early November. (CCTV Finance)