Goldman Sachs continues to see the gold rally facing greater two-way volatility risk.

At its 1H2026 results briefing, Moutai rejected market claims that 100–200 million bottles of Feitian Moutai are stalled in distribution and could form a 'dam' disrupting the market. The company said 2026 channel reforms have widened consumer access and that social-channel inventory sell‑through ratios (month‑end inventory / monthly sales) have been below 1.0 each month, indicating healthy circulation. Moutai said measures since 2024, together with a 2026 supply‑demand‑aligned channel system, market‑linked pricing and dynamic adjustment mechanisms, have greatly reduced speculative space in the intermediary layer, raised hoarding risk but lowered hoarding intent, and compressed highly liquid speculative inventories to levels insufficient to destabilize the market.

Market sources: French President Macron, UK Prime Minister Burnham and German Chancellor Merz will jointly chair a hybrid meeting of the "Volunteer Alliance" next Monday.