UBS noted in its "Global Precious Metals Comment" published on September 9 that the gold market's sensitivity to the Federal Reserve's next moves has significantly decreased, with tightening expectations largely priced in. The report predicts that if the Federal Reserve raises rates as expected in September, gold prices may experience a brief, controlled dip; if it holds steady, gold prices could see a stronger upward reaction, as the upside potential of no rate hike outweighs the downside risk of a hike. UBS also mentioned that official sector gold holdings continue to increase, with China adding approximately 20 tons again in August, bringing its cumulative gold purchases this year to about 80 tons; Chinese gold ETFs have also continuously attracted capital inflows, with a combined net inflow of about 19 tons from July to August.