According to CoinMeta, Yuxuan Tang, the head of interest rates and foreign exchange strategy for JPMorgan Chase's private banking division in Asia, stated that due to still thin liquidity and room for further interest rate increases, gold remains at risk of decline. Gold is expected to find a solid bottom when interest rates peak. The Federal Reserve is anticipated to raise interest rates in December and during the first quarter of 2027, which could push the yield on 10-year U.S. Treasury bonds to a peak of 5.25% to 5.5% by mid-year, higher than the current level of just over 5%. The strengthening of yields has diminished investors' interest in interest-free assets like gold. However, once the Fed ends its tightening policies, given gold's enduring appeal as a tool to hedge against economic and policy risks, gold prices could rebound strongly later next year. The gold market is still "quite fragile," with little technical support below $4,000 per ounce. During turbulent periods such as the U.S. and Israeli elections, gold has served as a stable source of capital for other assets. Now, it is difficult to determine the bottom, given that market expectations have shifted towards higher and later peaks in yields.