Gold is still under pressure after geopolitical tensions cool down, because the core support of this round of high-yield environment is not geopolitical premium but three major structural factors: expansion of fiscal deficit, AI capital expenditure and reversal of global savings and investment balance. The rise in real interest rates on U.S. debt suppresses gold prices in the short term, but U.S. debt interest spirals erode the credit of the U.S. dollar. Gold is switching from an interest-rate sensitive asset to a credit hedging asset, and the long-term bottom center is rising.