The U.S. refers to a 20-year high, and the gold market moves down weakly

Affected by the healthy U.S. non-farm payrolls data in June and the bullish expectation that the Federal Reserve will continue to raise interest rates sharply, the U.S. index is approaching 107.808, the highest since late October 2002 recorded in the previous trading day, keeping overseas buyers away from the gold market. The stronger-than-expected U.S. jobs report for June and the latest public comments from Fed officials suggested the central bank will raise interest rates by another 75 basis points later this month. The U.S. dollar has accelerated its gains over the past week, and the momentum is expected to expand further in the near term.

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The U.S. economy's outperformance in the labor market will allow the Fed to announce further aggressive rate hikes without hesitation. Higher interest rates and bond yields increase the opportunity cost of holding gold as a non-yielding asset. Overall price pressures in the U.S. economy are expected to continue to soar as the U.S. CPI to be released this week climbs to an annualized rate of 8.8%. However, core inflation is likely to slip to 5.8% from the previous reading of 6%. Rising inflation has hit overall demand hard, and wages did not surge in June.

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Analysts at TD Securities said: "There is evidence that the largest outflow from commodity funds since the outbreak of the new crown pandemic may be catalyzing a series of successive liquidations of various speculative forces. This shows that gold prices in the next few sessions. There will be a sharp decline and players may be forced to sell."

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According to the report of the Russian Ministry of Defense on the 9th local time, the Russian army attacked the Ukrainian army and its ammunition depots and other facilities in Nikolayev and other places. In addition, in the Kharkiv region, the Russian army also attacked two foreign mercenary strongholds. According to RIA Novosti, the Luhansk armed side said on the 9th that the Russian army and the Luhansk armed forces are advancing to the three cities of Seversk, Soledar and Bakhmut in the Donetsk region.

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With Russia shutting down the Nord Stream 1 gas pipeline for 10 days of scheduled maintenance on Monday, ING strategists noted: "Many are concerned that Russia may take this opportunity to halt or slash gas exports to Europe, thereby increasing the The economic outlook for the region is taking a serious hit." Sonja Laud, chief investment officer at Legal & General Investment Management, said: "We expected an earlier recession in Europe, where the U.S. is an energy exporter and Europe is an importer, with very different positions in the current energy price environment. ."

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Russia's invasion of Ukraine and its impact on food security and energy were the main topics at the closed-door meeting in Bali, Indonesia, which ended without a joint statement and no deal announced. G20 foreign ministers on Friday called for an end to Ukraine's war and food blockade, while Russia's foreign minister walked away from a meeting, accusing the West of "fanatical criticism" of Russia and wasting an opportunity to address global economic problems.