On March 24th, BIT Official released its daily chart analysis, stating that gold is experiencing its first significant pullback in recent years, with prices falling back to around $4,400. Buying interest is expected to emerge in this region, with stronger support potentially found around $3,500. In the short term, the market is repricing a higher interest rate path and stronger inflation expectations, driving up real interest rates – which typically pressures gold. However, this impact may be temporary rather than a fundamental change to the medium-term outlook. From a medium to long-term perspective, the continued expansion of sovereign debt remains a crucial structural factor supporting gold demand. This trend could be further strengthened as governments increase borrowing to address geopolitical uncertainties, boost defense spending, and cover broader fiscal expenditures. Against this backdrop, price levels below $4,400 may become increasingly attractive to long-term allocation funds.