[Safe-haven funds are switching to U.S. bonds, and gold prices may be difficult to change in the short term] On October 31, after a brief rebound, international gold prices returned to weakness and fell below US$4,000 per ounce again. On October 30, London spot gold once fell below US$3,970 per ounce, a cumulative drop of more than 15% from the intraday high on August 25. At the same time, the main domestic Shanghai gold futures contract also continued to be weak, hitting the lowest price since 2026 at 854.72 yuan/gram. Industry insiders said that some safe-haven funds flowed to U.S. bonds instead of gold, high oil prices pushed up inflation expectations, and the Federal Reserve's monetary policy maintained a hawkish stance, which together constitute the main pressure on the current gold market. In addition, changes in gold ETF capital flows have also intensified market concerns about short-term trends. In the short term, the price of gold may remain weak and volatile. Whether the price can stabilize in the future still needs to be observed based on the geopolitical situation, international oil prices, US inflation data and changes in real interest rates. (China Securities News)