Svmuu reported that the World Gold Council noted some physical gold markets appear to have weakened, with discount trading observed in India and South Korea and sporadic selling signs in the Japanese market. Global gold ETF inflows were weak in May. As the standoff in the Strait of Hormuz continues, the possibility of occasional gold swaps or sales by official sector entities cannot be ruled out. The biggest short-term risk may come from the energy market. Oil prices are dominating market focus, inflation expectations, and bond yield movements. If declining inventories drive a sharp rise in energy prices, it could initially push bond yields higher, strengthen the U.S. dollar, and extend gold's current weak performance, before the market gradually reflects its longer-term impact. (Jin Shi)