The geographical situation eased again. London spot gold fluctuated higher overnight, rising 0.57%, while SHFE gold closed up 0.87%. The Strait of Hormuz reopened and heated up, and oil prices fell rapidly. Furthermore, JOLTS job vacancies in the US fell beyond expectations in June. Gold may remain volatile at the bottom in the short term. Focus on this Friday's non-farm payrolls data. In terms of macro data, the number of JOLTS job vacancies in the US fell from 7.54 million in May to 7.36 million, which is expected to be 7.45 million, which indicates that the labor market remains relatively stable. The Federal Reserve's 2026 voting committee and the head of the Philadelphia Federal Reserve said that keeping an open attitude about monetary policy trends and whether core inflation can continue to fall back is a key basis for their judgment. On the geopolitical side, negotiations between the US and Iran continue to send signs of relaxation, and expectations for the reopening of the Strait of Hormuz are heating up. The US and Iran geopolitics continued to send signs of mitigation. The dollar fluctuated and weakened. Although gold showed strong performance, it still showed a downward fluctuation and weak operation. The trend did not give the market stronger confidence. This may be due to investors' fear of the upcoming non-farm payrolls data.

The geographical situation eased again. London spot gold fluctuated higher overnight, rising 0.57%, while SHFE gold closed up 0.87%. The Strait of Hormuz reopened and heated up, and oil prices fell rapidly. Furthermore, JOLTS job vacancies in the US fell beyond expectations in June. Gold may remain volatile at the bottom in the short term. Focus on this Friday's non-farm payrolls data. In terms of macro data, the number of JOLTS job vacancies in the US fell from 7.54 million in May to 7.36 million, which is expected to be 7.45 million, which indicates that the labor market remains relatively stable. The Federal Reserve's 2026 voting committee and the head of the Philadelphia Federal Reserve said that keeping an open attitude about monetary policy trends and whether core inflation can continue to fall back is a key basis for their judgment. On the geopolitical side, negotiations between the US and Iran continue to send signs of relaxation, and expectations for the reopening of the Strait of Hormuz are heating up. The US and Iran geopolitics continued to send signs of mitigation. The dollar fluctuated and weakened. Although gold showed strong performance, it still showed a downward fluctuation and weak operation. The trend did not give the market stronger confidence. This may be due to investors' fear of the upcoming non-farm payrolls data.