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

BlockBeats News, June 10 — After falling during the Asian trading session on the 10th, international gold prices continued to decline during the European trading session later that day, briefly dropping below the $4,200 per ounce level and wiping out all gains this year. As of 17:15 Beijing time on the 10th, the gold futures price for the August delivery on the New York Mercantile Exchange (COMEX) stood at $4,188.70 per ounce, down 2.28%. Based on the current price, international gold has fallen a total of 3.51% year-to-date. Analysts said that the U.S. non-farm employment data released last Friday came in far above market expectations, indicating that the U.S. labor market’s fundamentals still have resilience.

In response to inflation upside risks triggered by the Middle East conflict, the market has recently been placing more bets on a shift in the Federal Reserve’s monetary policy path toward rate hikes in the second half of the year. According to the CME Group’s “FedWatch Tool,” the market currently estimates that the probability of the Federal Reserve raising interest rates by at least 25 basis points by the end of this year is close to 70%. Once the Federal Reserve begins rate hikes, it will weaken the appeal of non-interest-bearing assets such as gold. (CCTV Finance)