The conflict in the Middle East has caused the Dubai gold hub to shut down, blocking 20% ​​of global gold circulation, and Indian gold prices have flattened at a discount, exacerbating volatility. The central bank's gold purchases have slowed down in stages, but the demand base has expanded, with emerging markets such as Malaysia and South Korea entering the market for the first time. In the short term, we focus on the recovery of shipping, and in the long term, we focus on central bank gold purchases. The dual interweaving of geography and demand will shape the core main line of the gold market in 2026.