Gold prices have recently faced challenges due to the ongoing U.S.-Iran conflict, but the long-term outlook remains positive. According to Jin10, during the '2026 Market Outlook Forum' hosted by the London Stock Exchange Group (LSEG), economist Hong Hao stated that the recent drop in gold prices is not due to deteriorating fundamentals but rather because gold has 'completed a phase of its historical mission.' Hong Hao explained that lower U.S. Treasury credit and higher yields correlate with higher gold prices a year later. Holding 10-year U.S. Treasuries for a year could result in nearly a 10-point loss, making it an unfavorable trade. In contrast, both fundamental logic, narrative logic, and data models point to higher gold prices, with a potential doubling in the future. Despite the short-term significant correction in gold prices, Hong Hao remains optimistic about its long-term prospects.