Overnight, the main COMEX gold contract rose sharply by 4.20% to 4,308 US dollars/ounce, the biggest one-day increase since February; the main COMEX silver contract rose 4.19% to 62.255 US dollars/ounce at the same time. In the Asian session today, the price of gold fluctuated around 4250 US dollars and consolidated. ADP's employment data fell far short of expectations, and expectations of interest rate hikes have cooled significantly. The number of ADP employees in the US increased by only 44,000 in July, far lower than the expected 70,000, and lower than the previous value of 95,000. As a “small non-farmer,” ADP data is generally regarded as a leading sign of non-farmers. Weakening beyond expectations has further heated market expectations for employment cooling. According to the CME Federal Reserve's observation tool, the probability that the Fed will keep interest rates unchanged in September has risen to 45.6%, and the probability of raising interest rates has dropped to 54.4%. The US dollar index dived in sync with US bond yields, strongly boosting the price of gold and silver from the valuation side. The short-term trend is strong, but since the interest rate hike cycle has declined, it is not appropriate to be overly optimistic about the precious metals market in the medium term.

Overnight, the main COMEX gold contract rose sharply by 4.20% to 4,308 US dollars/ounce, the biggest one-day increase since February; the main COMEX silver contract rose 4.19% to 62.255 US dollars/ounce at the same time. In the Asian session today, the price of gold fluctuated around 4250 US dollars and consolidated. ADP's employment data fell far short of expectations, and expectations of interest rate hikes have cooled significantly. The number of ADP employees in the US increased by only 44,000 in July, far lower than the expected 70,000, and lower than the previous value of 95,000. As a “small non-farmer,” ADP data is generally regarded as a leading sign of non-farmers. Weakening beyond expectations has further heated market expectations for employment cooling. According to the CME Federal Reserve's observation tool, the probability that the Fed will keep interest rates unchanged in September has risen to 45.6%, and the probability of raising interest rates has dropped to 54.4%. The US dollar index dived in sync with US bond yields, strongly boosting the price of gold and silver from the valuation side. The short-term trend is strong, but since the interest rate hike cycle has declined, it is not appropriate to be overly optimistic about the precious metals market in the medium term.