Military tensions have escalated sharply, with both countries adopting firm stances, putting the U.S.-Iran Memorandum of Understanding at risk.

“In my view, it’s over,” U.S. President Trump said on May 8 in Ankara, Turkey, during the NATO summit, when asked about the memorandum of understanding with Iran.

Global TimesJul 9 09:58

Shares of Precious Metals-related Companies Are Trading Lower Amid Gold and Silver Price Declines. Reports Suggesting Iranian Strikes on Ships May Lead to Concerns About Rate Hikes to Control Inflation Stemming From Expensive Energy.

BenzingaJul 8 01:28

United Front – Wall Street’s 'Three-Step Approach' Aims to 'Restart Interest Rate Cuts'

Internal divisions within the Federal Reserve are severe, and how newly appointed Chair Kevin Warsh unifies the committee has become the biggest uncertainty for the second half of the year. China Securities Journal forecasts that he will resolve the situation in three steps: in July, rebalance personnel appointments to ensure committee equilibrium; in Q3, reframe the supply-side policy framework around an AI-driven productivity revolution; and in Q4, complete a dovish pivot and restart rate-cut speculation. Against the backdrop of improving liquidity expectations, U.S. Treasuries, gold, and tech-related narratives are gradually gaining traction, though volatility risks in Q3 should not be underestimated. Core View: Policy positions within the Fed are significantly divergent. After Warsh assumes office, reconciling these differences and forging a unified stance will be the central focus for the remainder of the year. Step One – July: Personnel arrangements and appointments to key working groups.

CITIC SecuritiesJul 7 14:07

Wu Kaida, Strategy Analyst at TF Securities: The Battle to Defend Gold at RMB 4,000

We believe that the weaker-than-expected nonfarm payroll data may have temporarily alleviated market concerns about further interest rate hikes by the Federal Reserve and could provide some support to gold prices. Official sector demand for gold continues to underpin the medium- to long-term investment case for the metal. I. Key Highlights This week (June 26 to July 3, 2026), U.S. nonfarm payroll growth for June came in significantly below expectations, reinforcing signs of a cooling labor market. According to data released by the U.S. Bureau of Labor Statistics, nonfarm payrolls increased by 57,000 in June, below the Reuters survey forecast of 110,000. Additionally, May’s payroll gain was revised downward from the previously reported 172,000 to 129,000.

TF ResearchJul 7 09:52

From the $6,000 frenzy to the $4,500 'moment of caution,' JPMorgan, a leading advocate of the gold bull market, has revised its gold price target downward.

JPMorgan's latest view defines the gold price trajectory and trend as 'broadly still bullish, with sentiment turning notably cautious and risks tilted to the downside,' rather than a full bearish reversal.

Zhitong FinanceJul 4 11:51 · Ratings

Will the weaker-than-expected nonfarm payroll data provide a tailwind for gold to stage a rebound?

Has gold found a bottom amid the surprisingly weak nonfarm payrolls data? Analysts remain divided: some assert that the bottom is already in, others warn that a strong U.S. dollar still poses a threat, and yet others are turning their attention to Middle East tensions and oil prices—the true narrative for gold in the second half of the year may just be beginning.

Golden10 DataJul 3 10:36