Everbright Futures: "Black Tuesday" Arrives, Can Gold Hold Up?

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Overnight London spot precious metals fluctuated and weakened, COMEX June gold futures closed down 1.24%, SHFE gold fell 1.44%.
With the Federal Reserve's hawkish stance, expectations of interest rate hikes and liquidity tightening coexist, leading to a global financial market upheaval, primarily driven by the Korean stock market.
As safe-haven sentiment heats up, the US dollar and US bonds remain firm, while most other assets, including precious metals, are under pressure.
Gold maintains a bottom-range oscillation, using time to buy space, reducing expectations for the upside.
On the macro front, the US June composite PMI preliminary reading rose to 52.2, higher than the previous 51.5 and the expected 52.1, hitting a five-month high, with both US manufacturing and services PMI preliminary readings exceeding expectations and previous values, indicating continued expansion of US business activity.
Geopolitically, Trump stated that Iran agreed to keep the Strait of Hormuz open due to concessions and claimed Iran accepted "highest-level" inspections, which also suggests that Middle East geopolitics are still moving toward easing tensions, with ongoing attention to the navigation issues in the Strait of Hormuz.
(Guangda Futures)
PAXG-0.37%
XAU-0.45%
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