According to CoinMeta, Orient Jincheng released a research report stating that there is a possibility of a marginal cooling down in geopolitical conflicts. If this leads to a decline in crude oil prices from their high levels, it could result in a temporary easing of inflation expectations and interest rate hike expectations in the United States, which could provide slight support for gold prices. However, crude oil and geopolitical factors can only affect short-term fluctuations; the real determinants of the direction will be the policy statements from the FOMC meeting. Currently, data from CME indicates that the market has already fully priced in the decision to maintain interest rates unchanged, with the focus on the policy statement and the remarks made by Walsh at the press conference regarding the interest rate hike path for December. If the Federal Reserve decides to pause interest rate hikes as scheduled but uses a hawkish tone, clearly retaining the option of raising rates in December, gold prices will still face pressure. On the other hand, if the meeting weakens subsequent interest rate hike guidance, gold prices are expected to recover. Overall, before the meeting takes place, there is a strong wait-and-see attitude in the market, and gold prices are likely to fluctuate weakly. The direction of gold prices will need to await clearer policy signals.