In April 2026, gold fell 11.5% in a single month, the largest decline since 2008, retracing more than $1,000 from the January high. Three major short-term factors superimposed: a liquidity crisis triggered a sell-off, central banks such as Türkiye sold 131 tons of gold, and the Fed's expected interest rate cut was postponed. However, long-term support is solid, and risks of economic recession and stagflation have accumulated. The People's Bank of China has increased its holdings for 17 consecutive months. It is recommended to pay attention to the ETP capital flow and the central bank's gold purchase data. Short-term pressure will not change the long-term upward trend.