Analyst: Severe fluctuations in Asian currencies are the main driver of the rebound in gold prices.

Jin10 data reported on May 6th, analyst Giuseppe Dellamotta stated that gold has recovered the losses from last week in just a few days, but the catalyst is still unclear. The most reasonable explanation is the recent severe fluctuations in some Asian currencies, which can explain both the timing of gold's rebound and aligns with risk aversion logic. However, as relevant authorities begin to intervene in the foreign exchange market, the demand for safe-haven assets may gradually ease. The Federal Reserve's FOMC decision early Thursday morning may pose risks for gold long positions. Given that the market has aggressively bet on a dovish shift, the Federal Reserve is likely to release hawkish signals in the reverse direction to correct market expectations. From a medium to long-term perspective, the upward trend of gold remains unchanged; during the Federal Reserve's easing cycle, real yields are expected to continue to decline. However, short-term risks cannot be ignored: if there is positive progress in trade frictions or a hawkish stance from the Federal Reserve, gold may further pull back due to market repricing.