Spot gold has just broken through the $4420.00/ounce mark, and is currently trading at $4420.01/ounce, up 0.08% on the day; COMEX gold futures are currently trading at $4476.30/ounce, up 0.06% on the day.

[Japan Reduces US Treasury Holdings by $26.4 Billion in June; Strategists Predict No Further Reductions] 1. Data released by the US Treasury Department on Monday showed that foreign investors' holdings of US Treasury bonds decreased by $72.1 billion month-on-month to $9.3 trillion in June, marking the third consecutive month of decline since reaching a record high in February. The reductions were mainly driven by Japan and China, with markets concerned about the continued pressure on US Treasury performance from massive fiscal deficits and higher-than-target inflation. 2. As the largest holder of US Treasury bonds, Japan reduced its holdings by approximately $26.4 billion in June to $1.12 trillion. The yen has been under pressure in recent months, prompting Japanese authorities to intervene to stabilize the exchange rate. The US also participated in the intervention at the end of July. Market analysts believe that Japan's reduction in US Treasury holdings was primarily to raise funds for foreign exchange intervention. 3. Vanguard Investment strategists pointed out that US Treasury Secretary Bessenter participated in the joint intervention in July and suggested that Japan could utilize Federal Reserve tools to avoid directly selling its Treasury bonds. Analysts judge that Japan's intervention in the exchange rate through reducing its US Treasury holdings has essentially ended, and no further large-scale reductions are expected.

[US Pressures South Korea to Adjust Investment Direction, Memory Chip Project Sparks Controversy] 1. According to the JoongAng Ilbo, the US government has demanded that South Korea prioritize memory chip production facilities in its first major investment project in the US. This sudden demand has cast uncertainty on the investment plan, which was originally scheduled to be announced later this month. The report cited several unnamed ruling party officials as saying that the issue was discussed at a closed-door trade meeting held at the South Korean presidential office on August 13. 2. The South Korean government had initially prioritized the energy sector as its first investment project in the US. However, given that Samsung Electronics and SK Hynix have already committed to large-scale investments in the Honam region of South Korea, attendees generally believed that investing in a memory chip project in the US would face significant practical difficulties.