Global central banks are showing clear divergence in their stances, which has a substantial impact on market rhythm. The European Central Bank has maintained interest rates at 4% for the fourth consecutive time, with a firm attitude; meanwhile, the Bank of England has cut rates to 3.75% with a slight majority, signaling quite obvious internal disagreements. On the US side, data quality issues exist, especially regarding the statistical methods for housing costs, and subsequent data may still be adjusted.

This fragmentation of policies is increasing market vulnerability. Expectations of rate hikes by the Bank of Japan coincided with the expiration of "Quadruple Witching"( futures and options expiration), resulting in a synchronized decline across various asset classes, fully illustrating that the market has entered a highly sensitive, emotional trading zone.

The movement of precious metals exhibits a typical "double-edged sword" characteristic. Weakening inflation data has boosted expectations of rate cuts, causing gold prices to rise rapidly at first, but profit-taking pressures then led to a correction. Technical analysis shows resistance at previous highs, resulting in short-term volatility. In contrast, platinum and palladium performed more strongly, reaching multi-year highs driven by the green energy transition, with tangible demand support clearly strengthening, and internal rotation among precious metals becoming evident.

The complexity of the macro environment should not be underestimated. Distorted economic data, policy divergence among countries, and political variables during an election year layer on top of each other, making market judgment extremely difficult. However, from a medium- to long-term perspective, the basic logic of central banks continuing to buy gold, diversified institutional allocations, and the downward expectation of real interest rates remains unchanged. Investors should adopt a flexible strategy, seeking suitable opportunities through asset rotation.