A major U.S.–China summit scheduled for September 24 is a critical market trigger. Huasen Heng analysis suggests that if negotiations show progress on trade/tariffs and avoid tech/geopolitical escalation, risk-on sentiment may return to stocks, reducing safe-haven demand for gold and pressuring its price short-term. Conversely, failed or tense negotiations would likely drive investors toward gold. Key variables beyond the summit outcome include U.S. Treasury yields and dollar strength, which influence gold independently. The structural nature of U.S.–China competition means one meeting is unlikely to resolve all disputes.