Last Friday (July 5th), the US non farm payroll report further highlighted the cooling of the labor market, enhancing the expectation of the Federal Reserve cutting interest rates in the coming months. The US dollar index fell as low as 104.82 on the day, ultimately closing 0.169% lower at 104.89, ending the previous four week upward trend. US bonds rose, with short-term US bonds leading the way. The benchmark 10-year US bond yield closed at 4.286%, while the two-year US bond yield closed at 4.612%, breaking a three-month low and the yield curve steepening.

Last Friday (July 5th), spot gold continued to rise after the release of non-agricultural data, reaching the $2390 mark and ultimately closing up 1.45% at $2391.62 per ounce, a new high since May 22nd, and recording two consecutive weekly bullish days. Spot silver ultimately closed up 2.71% at $31.22 per ounce, marking its best weekly performance in nearly seven weeks last week.

Last Friday (July 5th), with the possibility of reaching a ceasefire agreement in Gaza increasing, international crude oil fell slightly. However, hopes for strong summer fuel demand and concerns about supply disruptions caused by hurricanes in the Gulf of Mexico limited the decline in oil prices, with both US and Brazilian oil prices rising for the fourth consecutive week. WTI crude oil closed down 0.89% at $83.29 per barrel; Brent crude oil ultimately closed down 0.79% at $86.83 per barrel.