$Gold(20328.HK)1. Gold prices are highly sensitive to the Federal Reserve's interest rate policy. As long as the market expects high interest rates to persist or a delay in rate cuts, gold prices will struggle to perform, and ETFs will follow the decline directly.

2. Gold does not pay interest or dividends. During periods of high real dollar interest rates where "cash is king," the opportunity cost of holding gold is too high, and capital may flow out.

3. If global geopolitical conflicts or economic recession fears—key drivers of "safe-haven demand"—ease, the main buying rationale supporting gold prices will disappear, and ETF prices will lose critical momentum.