Gold was hit by both the resilience of economic data and the warming situation in the Middle East. The US dollar rebounded, US bond yields rose slightly, while gold fell below the 4,000 US dollar mark, and the trend was relatively weak. The number of jobless claims fell to its lowest level since the beginning of May. The Philadelphia Federal Reserve manufacturing index greatly exceeded expectations, and Goldman Sachs raised the GDP growth tracking estimate for the second quarter by 0.2 percentage points to 2.4%. The recent trend in the gold market is significantly weaker than we expected, so we reorient our views to be cautious and wait and see.

Gold was hit by both the resilience of economic data and the warming situation in the Middle East. The US dollar rebounded, US bond yields rose slightly, while gold fell below the 4,000 US dollar mark, and the trend was relatively weak. The number of jobless claims fell to its lowest level since the beginning of May. The Philadelphia Federal Reserve manufacturing index greatly exceeded expectations, and Goldman Sachs raised the GDP growth tracking estimate for the second quarter by 0.2 percentage points to 2.4%. The recent trend in the gold market is significantly weaker than we expected, so we reorient our views to be cautious and wait and see.