As of June 6, the world's largest gold ETF SPDR Gold Trust has a holding of 934.21 tons, a decrease of 1.44 tons compared to the previous trading day. On June 6, spot gold fell sharply by over $40, reaching a low of $3307.09/ounce during the session, and closing near the day's low at $3309.84/ounce, a drop of $42.81 or 1.28%.

Looking at the entire week, spot gold maintained a continuous decline after reaching a high, benefiting from a significant rise on Monday, with a slight increase recorded for the week, the highest this week being $3402.86/ounce and the lowest $3295.65/ounce, a fluctuation of about $100. In terms of gold ETF holdings, the increase from Monday and Tuesday also contributed to an overall increase of nearly 4 tons for the week.

On the fundamentals, first, the World Gold Council (WGC) reported in its latest monthly report that, as investor sentiment fluctuates impacting global financial markets, gold ETFs experienced a net outflow of funds for the first time in five months.

Then, the latest data released by the U.S. Department of Labor shows that the U.S. non-farm payrolls increased by 139,000 in May, exceeding the expected 130,000, while the unemployment rate remained steady at 4.2%, and average hourly wage growth year-on-year increased by 3.9%, also above expectations. Analysts pointed out that despite tariffs affecting U.S. economic expectations, the labor market remains stable, and traders are reducing bets on Federal Reserve interest rate cuts. The first fund outflow from global gold ETFs in five months, along with traders cutting bets on Federal Reserve interest rate cuts after the non-farm report, became significant factors for the continued decline of gold prices on Friday, approaching $3300. However, WGC analysts expect that even with rising stagflation risks, ongoing economic uncertainty (especially concerning global trade tensions) will continue to support gold prices. Additionally, some analysts state that concerns over the fiscal deficit triggered by Trump's "Big Beautiful" plan, along with favorable factors such as central bank gold purchases, also support gold.