Rising support factors loosen, gold faces a "stress test" in the second half of the year.

As of mid-2026, the international and domestic gold prices have retraced nearly 30% from the January historical high, showing a rare and drastic adjustment at a high level. Looking ahead, industry insiders say that the price trend of gold is the result of a multi-faceted game among the asset, stock market, interest rates, and oil prices, making short-term price predictions increasingly difficult. Analysts believe that investors should be cautious of the "de-dollarization" narrative surrounding gold being misused in the current market environment, and should be wary of using a "long-term slow-variable" narrative to guide "short-term fast-variable" trades. This decline is like a "stress test" that refocuses market attention on company fundamentals.