Non-farm data weakens short-term rate hike expectations, gold price downside risks mitigated.

Since July, the international gold price, which had been continuously fluctuating downwards, has seen a recovery rebound, with the spot gold price in London rising back above $4100 per ounce. At the end of June, the price of this commodity fell below $4000 per ounce, nearly a thirty percent decrease compared to the historical high of nearly $5600 per ounce at the beginning of the year. Industry insiders say that the U.S. non-farm payroll data in June fell significantly short of market expectations, leading the market to reduce bets on a short-term rate hike by the Federal Reserve, directly driving a sharp rebound in the gold price. The core factors currently influencing the price of gold are still the tightening of global liquidity and the trend of the U.S. dollar. Looking ahead to the second half of the year, it is likely that the gold market will maintain a weak and fluctuating trend, but as various short-term negative factors are gradually cleared, the risk of a sharp decline in gold prices will ease, and the market still presents an opportunity for phased trading, with long-term value still existing in gold allocation.