Fed cut bets rise; USD down, gold steady above $3300.

On Wednesday, as Trump announced that the US would hold talks with Iran next week, risk aversion eased, and the market generally expected the Federal Reserve to soon resume its interest rate cut cycle, the US dollar index ultimately closed down 0.27% at 97.71 points. The benchmark 10-year US Treasury yield closed at 4.2920%, and the 2-year US Treasury yield closed at 3.7930%. The current gold market is intertwined with multiple factors. The ceasefire agreement between Iran and Israel has weakened the need for safe haven, but the uncertainty and potential conflict risks in the US Iran negotiations have provided bottom line support for gold prices. The Federal Reserve remains cautious about the inflation risk caused by tariffs. Delaying interest rate cuts may lead to a strengthening of the US dollar and suppress gold prices, but signals of economic slowdown have strengthened expectations of interest rate cuts and the safe haven role of gold. On a technical level, gold prices are fluctuating above $3300, with both downside risks and upside potential. According to market news, if OPEC+deems it necessary, Russia is willing to support a new round of oil production increase at the upcoming meeting on July 6th. WTI crude oil closed down 0.12% at $64.88 per barrel; Brent crude oil closed down 0.21% at $67.59 per barrel.