Gold prices erase all gains of this year, international gold prices continue to decline

Deep Tide TechFlow News, June 10th, after falling during the Asian trading session on the 10th, international gold prices continued to decline during the European trading session that day, temporarily falling below the $4,200 per ounce level, erasing all gains this year. As of 17:15 Beijing time on the 10th, the COMEX August gold futures price was reported at $4,188.70 per ounce, down 2.28%. Based on the current price, international gold has decreased by a total of 3.51% since the beginning of the year.

Analysis indicates that the U.S. non-farm payroll data released last Friday significantly exceeded market expectations, suggesting that the U.S. labor market remains resilient. In the face of inflation risks triggered by the Middle East conflict, the market has recently been betting more on the Federal Reserve’s monetary policy path shifting towards rate hikes in the second half of the year. According to the CME “FedWatch Tool,” the market currently estimates nearly a 70% chance that the Federal Reserve will raise interest rates by at least 25 basis points by the end of this year. Once the Fed begins rate hikes, it will weaken the attractiveness of non-yield assets like gold. (Jin10)