Trump's latest speech signals a dovish tilt, exerting multiple pressures on the gold market. First, the geopolitical risk in the Middle East has significantly cooled: positive progress in US-Iran nuclear talks and rising expectations of a ceasefire in Lebanon and Israel have weakened safe-haven demand for gold, constituting a short-term core suppressive factor. Second, the downward inflation expectations have strengthened, and the Federal Reserve's rate cut expectations have been further delayed: the effectiveness of control in the Strait of Hormuz is evident, falling oil prices have driven inflation cooling, combined with market strong expectations of a delayed rate-cut cycle, reinforcing the view that real interest rates will remain high, thus continuously limiting the upward space for gold prices. Third, his criticisms of Europe and Australia and his statements on US energy independence imply that future policies still carry uncertainties. Although it is difficult to break the current oscillation pattern in the short term, these factors lay hidden risks for gold price volatility. Overall, the signals conveyed in this speech clearly suppress gold prices.