The internal divisions within the Federal Reserve have intensified, with three members supporting an interest rate hike. The probability of raising interest rates in September has exceeded 60%. Gold has plummeted 22% from its high point at the beginning of the year, marking its worst quarter since 2013. The geopolitical conflict in the Middle East has produced a reverse hedging effect, and the diversion of funds from the US dollar has suppressed precious metals. CD Markets believes that the interest rate cut cycle in 2027 is expected. Global de-dollarization and debt risks support the long-term allocation value of gold, and short-term corrections will open a layout window.