A fully normalized macro policy stance is key to address the macro risks with respect to inflation and the housing market.

宏观立场需要完全正常化以应对各种宏观风险，特别是通胀和房地产市场的风险。

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The analyst notes that in addition to macro risks to IT spending, FX fluctuations will weigh on end demand.

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Overall, a bevy of macro risks lie on the near term horizon, which could provide underlying support to the yellow metal.

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Also, there remain potential macro risks to the housing sector, which could include a spike in interest rates, which could slow down purchase activity.

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