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```htmlJinse Finance reported that on June 25, Deng Zhijian, Senior Investment Strategist at DBS Bank (China), analyzed that the core driver behind the drop in gold prices is the expectation of interest rate hikes triggered by US inflation. He stated that although the inflation data appears moderate on the surface, tail risks such as rising capital expenditures and debt expansion are accumulating, prompting central banks in various countries to preemptively adopt defensive interest rate policies, which continue to suppress gold as a non-interest-bearing asset. A precious metals trader commented that the situation in the Middle East remains volatile, US inflationary pressure persists, and market concerns about risk assets have not disappeared. According to traditional logic, gold should still be supported, but at least in this round of trading, capital has prioritized the US dollar. The subsequent market focus lies in whether signals of a slowing US economy can be validated.```

```htmlGolden Ten Data reported on June 25 that overnight, the spot price of London gold fell below the $4000/oz mark during trading, touching a low of $3958/oz for the first time since November 2025, representing a nearly 30% pullback from the historical high of $5598 at the start of the year. Silver dropped even more sharply, breaking below $60/oz during trading, which is half of its historical peak in January this year. From $5600 to $4000 in less than half a year, gold prices have returned to the era of “3” as the leading digit. Does this signal the end of the long bull run or is it a painful deep correction? Market divergence is intensifying. DBS Bank (China) Senior Investment Strategist Deng Zhijian analyzed that the core driver behind gold's decline lies in expectations of interest rate hikes triggered by US inflation. He stated that while inflation data appears mild on the surface, tail risks such as rising capital expenditure and expanding debt are accumulating, prompting central banks globally to adopt defensive rate hikes in advance, thus continuously suppressing interest-free assets like gold. A precious metals trader commented that the situation in the Middle East remains volatile, US inflation pressure persists, and market concerns over risk assets have not disappeared. According to traditional logic, gold should still have support, but at least in this round, capital has favored the US dollar first. The market’s next focus will be on whether signals of a slowdown in the US economy can be confirmed.```

Glonghui, June 25｜Capital.com Senior Market Analyst Daniela Hathorn stated: “With Micron Technology’s financial report once again confirming that the artificial intelligence investment cycle remains solid, the US stock market has regained some lost ground. This has boosted market sentiment across the entire semiconductor sector—previously, high-growth stocks had performed weakly—showing that as long as earnings prospects continue to support high valuations, investors are still willing to overlook short-term fluctuations.”