Countries under pressure for US trade deal as dollar weakens, gold faces resistance.

Last Friday, due to the successful passage of Trump's “Big and Beautiful Act” through the House of Representatives, the US dollar index fell slightly and fluctuated around the 97 mark, ultimately closing down 0.07% at 96.93. Last week (June 30th to July 4th), the spot gold market experienced significant volatility, with prices rebounding after reaching a new high, ultimately recording a weekly increase of 1.91%.

The easing of geopolitical risks, uncertainty surrounding Trump's tariff policies, concerns over US sovereign debt, and strong economic data have collectively shaped the trend of gold prices. The market focus is on US non farm payroll data, the upcoming Trump tariff pause, and the outlook for Federal Reserve policy.

Due to market expectations that OPEC+will increase production again, both oil prices have declined. WTI crude oil fell rapidly during the European trading session and reached a intraday low of $65.24, ultimately closing down 1.07% at $65.62 per barrel; Brent crude oil closed down 0.62% at $68.14 per barrel.