世界黃金協會：歐洲引領了7月份黃金市場的復甦，吸引20億美元資金流入，而亞洲增加了6.16億美元流入，仍是年初至今全球ETF市場資金流入的最大貢獻者。

World Gold Council says central-bank purchases and Asian investor demand are becoming increasingly important and may not move in step with US rates, the dollar or inflation. That does not imply real rates have lost influence; in the near term rising yields can still pressure gold. But if tight policy eventually triggers a growth shock, rising inflation or stress in part of the financial system, longer-term yields could fall and, combined with central-bank and Asian demand, provide support for gold — though not necessarily a repeat of 2025’s outsized gains.

Rapid advances in rival open‑source models this year have increased pressure on ByteDance. At a recent internal Seed team meeting founder Zhang Yiming urged a long‑term approach to model development, saying the firm will refuse distillation—not using others' outputs to chase temporary ranking gains—and should be willing to sacrifice some short‑term returns for long‑term goals. ByteDance has banned distillation of open‑source models internally and tightened controls, including API detection, to enforce the restriction; Zhang said distillation would interfere with genuine long‑term technical breakthroughs.