Gold Prices Consolidate; Analysts: Central Bank Gold Purchases and Asset Diversification Demand Remain Supportive

International gold prices are seeking direction amid volatility. The weaker-than-expected U.S. nonfarm payrolls data for September briefly drove gold higher in the short term, but elevated dollar and U.S. Treasury yields continued to cap the rebound. Meanwhile, demand for gold allocation remains resilient. The latest data from the World Gold Council show that global gold ETF inflows in the third quarter hit a record high. In addition, China's gold reserves also continued to increase. Analysts believe that gold prices will still face dual pressure from interest rates and the dollar in the short term, and future trends will depend on further guidance from inflation data and Federal Reserve policy; over the medium to long term, central bank gold purchases and demand for asset diversification will continue to provide support.