According to Jinshi Data, on July 20, gold prices fell for the first time in five weeks after hitting a record high. Previously, the market speculated that the Federal Reserve would start its first interest rate cut in four years before September, causing the US dollar exchange rate to plummet.

Adrian Ash, head of research at BullionVault, said that almost all asset prices have been two steps forward and one step back since last winter. Wednesday's record gold price came amid a surge in speculation, with bets on the chance of a September rate cut almost 100%.

Some commentators called this week’s pullback in gold prices “healthy” and predicted that gold prices could still break through $2,500 in the near term.