Analysts stated that the U.S. Treasury's auction of $22 billion in 30-year bonds this time resulted in a winning yield of 5.058%, 0.3 basis points lower than the market level before the auction, with a bid-to-cover ratio of 2.44, performing well. Among them, indirect bidders (primarily overseas institutions) accounted for as much as 77.74%, indicating that after yields rose above 5%, foreign investors' willingness to purchase has significantly increased. Meanwhile, direct bidders from within the U.S. accounted for only 12.24%, reflecting relatively weak domestic demand. This suggests that foreign investors' purchases of U.S. Treasuries are increasingly price-driven—only when yields provide sufficient compensation (covering duration risk and concerns over fiscal sustainability) will they actively enter the market. This is not a trend of "large-scale reflow" but rather a reflection of opportunistic allocation, with high yields being the main attraction. In the short term, this is a positive development as it effectively alleviates upward pressure on long-term yields, avoiding tail risks. For gold, however, the impact is neutral to slightly bearish. High absolute yields continue to maintain the holding cost of gold, and the short-term oscillatory rebound pattern is likely to persist unless there is a clear turning point in real interest rates. Overall, the recovery in demand for long-term U.S. Treasuries still depends on the attractiveness of yields rather than unconditional safe-haven demand.