According to Jinshi, analysts Sybilla Gross and others said that gold prices fell on Monday after recording the biggest weekly gain in three months, with the market focusing on central banks' gold purchases. In June, the People's Bank of China did not increase its gold holdings for the second consecutive month, but data showed that the Reserve Bank of India and the Central Bank of Poland both increased their gold holdings. Saxo Bank pointed out in a report that although gold is erasing some of its gains on Friday, investors will be optimistic about gold in the long run because uncertainty in the US economy and the unsustainability of the US deficit remain. Gold prices have soared this year, hitting a record high in May, driven mainly by central bank buying, geopolitical tensions and expectations that the Federal Reserve will cut interest rates later this year.