Gold returns to $4,400! London gold spot briefly touched $4,435 per ounce this Monday, with a weekly gain of more than 7%, marking the largest weekly increase since January. After breaking through the $4,400 level on August 11, it continued to climb, and New York futures gold is approaching $4,500. The main drivers behind this include rising market risk-aversion sentiment alongside a renewed pickup in expectations for a September rate cut by the Federal Reserve. In the U.S., July retail sales posted the largest monthly decline in more than a year (-0.6%), increasing the likelihood of a rate cut and providing a clear boost to non–interest-bearing gold. At the same time, global central banks continue to increase their gold holdings; China’s central bank reported that its July gold-purchase volume reached a near-two-year monthly high, offering downside support to gold prices. In the short term, watch the U.S. 8月 (August) University of Michigan consumer confidence index guidance this evening. $XAU $GC For informational purposes only and does not constitute investment advice.