US Employment Data in Focus as Gold Price Range Narrows

　　US Treasury yields broadly declined on Tuesday, with Powell noting progress in fighting inflation. At the New York close, the yield on the 10-year US Treasury note fell 3.56 basis points to 4.4257%. During Fed Chair Powell's speech, it hit a daily low of 4.4099% at 21:38 Beijing time, remaining in decline for most of the session. The 2-year Treasury yield dropped 1.86 basis points to 4.7370%, reaching a daily low of 4.7099% at 22:46.

　　Powell stated that the Fed still needs more data before cutting rates to ensure that recent weaker inflation figures truly reflect the underlying price pressure conditions. According to the CME FedWatch Tool, the probability of a 25-basis-point rate cut in September has risen to 63%, up from 58% on Monday.

　　Tuesday's data showed that US job openings increased to 8.14 million in May. Attention now turns to Friday's non-farm payrolls data, which is crucial for assessing whether the US labor market remains resilient amid decades-high interest rates. More data is expected on Wednesday, including the minutes from the latest FOMC meeting, as well as the S&P Global and ISM services PMI.

　　Gold prices have fallen 5% from the historic high of $2,449.89 per ounce touched on May 20. Market analysis suggests the earlier rally was driven by safe-haven demand due to geopolitical and economic uncertainties, along with sustained central bank purchases—a critical demand category.

　　The performance of US job openings, the state of the US labor market under high interest rates, the recent decline in US Treasury yields, Powell's comments, and shifting demand due to geopolitical factors are collectively influencing the gold price range.