Market Insight | Gold stocks continue to decline, PBOC suspends gold purchases for 3 consecutive months, Fed does not cut interest rates urgently

Gold stocks continue to decline, with the central bank suspending gold purchases for three consecutive months and the Federal Reserve not implementing an emergency rate cut. The central bank's gold reserves remain unchanged at 72.8 million ounces. Official demand in the second quarter dropped by 39%. It is still the general direction for the central bank to increase gold holdings in the future. The market is anticipating an emergency rate cut by the Federal Reserve, but there has been no action so far. The gold market's performance depends on the game between risk concerns and rate cuts. Gold may experience a short-term decline before rebounding, but silver may continue to be weak