[SMM Precious Metals Macro Analysis: Central Bank Gold Purchases and Nonfarm Payrolls Support the Bottom, Geopolitics and Minutes Suppress the Rebound] Central banks have increased gold holdings for 20 straight months, and the nonfarm payrolls miss has cooled interest rate hike expectations, leaving the valuation recovery of precious metals still resilient. However, the escalation of the US-Iran conflict and the hawkish-leaning minutes are suppressing the short-term rebound. Going forward, focus