CoinMeta data: On October 23, London spot gold fell by over 2.80%, hitting a low of $4,020. The December contract for New York gold closed down 2.16%, and the main night session contract for Shanghai gold closed down 1.88%. Selling pressure in the US stock market AI sector triggered a demand for liquidity, and the world's largest gold reserves ETF SPDR saw a reduction of 11.97 tons to 1,045.64 tons in a single day. The number of first-time unemployment claims in the US last week dropped to 194,000, and the number of newly signed residential sales contracts in September decreased by 7.3% month-on-month. The US and Israeli militaries are formulating military strike plans targeting Iran's energy and nuclear facilities, increasing uncertainty in the Middle East situation and raising market expectations for interest rate hikes. This strong data performance weakened market concerns about an economic recession and provided solid macro support for the Federal Reserve to maintain its high-interest-rate policy. The continued strength of the job market forced investors to re-evaluate the path of interest rate cuts, thereby suppressing the demand for safe-haven assets.