Everbright Futures 0624 Gold Review: "Black Tuesday" Strikes, Can Gold Hold Up?

Overnight, London spot precious metals fluctuated and weakened, with COMEX June gold futures closing down 1.24% and SHFE gold falling 1.44%. As the Federal Reserve maintained a hawkish stance, both expectations for rate hikes and tighter liquidity rose. This impacted global financial markets—with the Korean stock market leading the volatility—causing safe-haven sentiment to strengthen. As a result, the US dollar and US Treasury bonds remained strong, while most other assets, including precious metals, came under pressure. Gold continues to exhibit a bottom-side consolidation pattern, using time to exchange for space and lowering expectations for any significant upward movement.

On the macro front, the preliminary value of the US composite PMI for June rose to 52.2, higher than the previous value of 51.5 and the expected 52.1, a five-month high. Both the US June manufacturing and services PMI preliminary figures surpassed expectations and previous readings, indicating that US business activity continues to expand. In terms of geopolitics, Trump claimed that Iran agreed to keep the Strait of Hormuz open in exchange for concessions and announced that Iran accepted the "highest level" of nuclear inspections. This suggests that the geopolitical situation in the Middle East is still moving toward easing. Continued attention should be paid to the navigation situation in the Strait of Hormuz.

Written by: Li Qi

Practice Qualification: F3046227

Investment Advisory Qualification: Z0016145

Editor: Zhu Henan