According to Jinshi data reports, gold prices fell on Friday due to a ceasefire between Israel and Iran suppressing safe-haven demand, marking a second consecutive week of decline. The market is optimistic about risk assets, which has pressured gold prices.
The easing of the situation in the Middle East following the ceasefire and progress in trade negotiations have reduced market uncertainty, leading to further declines in gold prices. Investors are awaiting the U.S. core PCE data to understand the Federal Reserve's policy path.
Analysts expect the core PCE month-on-month growth to be 0.1% and year-on-year growth to be 2.6%. The market anticipates that the Federal Reserve will start cutting interest rates by 63 basis points from September this year. Trump stated that moderate inflation should prompt the Federal Reserve to cut rates, but only two policymakers support a rate cut in July.