Spot gold: range-bound fluctuations, sell on highs and buy on lows

(1) Analysis: The US core CPI for August increased by 0.3% month-on-month, leading to clearly heightened market expectations for a Federal Reserve rate hike this week. The US dollar and US Treasury yields have put pressure on gold, causing spot gold to retreat to around $4,340. However, geopolitical risks and inflation concerns are still providing safe-haven support, so the short-term outlook remains weak and volatile. (2) Main focus: US Treasury yields, US dollar index, geopolitical situation. (3) Resistance: 4,350; 4,380; 4,400. (4) Support: 4,300; 4,250; 4,220.