Weak data and tariffs dragged the dollar down; gold rose but hit $3400 resistance.

On Wednesday, as weak US economic data boosted expectations of interest rate cuts, the US dollar index fell below the 99 mark, returning to a six week low and ultimately closing down 0.42% at 98.813. The yield of US Treasury bonds plummeted, with the benchmark 10-year yield closing at 4.359% and the 2-year yield closing at 3.883%. Gold prices rose 0.56% on Wednesday (June 4th), closing at $3372.18 per ounce, and briefly climbed 1% to $3384.52 per ounce during trading. The instability of the global economic environment, especially the unexpected contraction of the US service industry, sluggish employment data, and the impact of the Trump administration's new tariff policies, have provided strong impetus for the rise of gold. Due to reports that Saudi Arabia plans to push OPEC+to continue significantly increasing production, international crude oil prices plummeted during trading, and WTI crude oil briefly fell below the 62 mark, ultimately closing down 1.05% at $62.17 per barrel; Brent crude oil closed down 1.15% at $64.67 per barrel.