Group 1 - Gold prices showed an upward trend, recovering above the 3340 mark to reach 3341.60 USD/oz, with an increase of approximately 0.5% [1] - The rise in gold prices is primarily attributed to a slight decline in the US dollar and bond yields [1][3] - The US dollar index has retreated from a one-month peak, currently at 98.47, down about 0.15%, enhancing gold's appeal to holders of other currencies [3] Group 2 - The latest US CPI data exceeded market expectations, exerting significant downward pressure on gold prices [4] - The geopolitical situation remains unstable, causing fluctuations in risk aversion sentiment, which has not provided sustained upward momentum for gold prices [4] - From a technical analysis perspective, gold prices are currently above moving average support levels, but the overall trend remains unclear, with key resistance levels at 3350, 3360, and 3380, and support levels at 3320, 3300, and 3280 [4]

Core Point - France's Producer Price Index (PPI) increased by 0.2% year-on-year in May, compared to a previous value of -0.8% [1] Group 1 - The current PPI indicates a shift from deflation to slight inflation in the producer sector [1]

Core Insights - The Producer Price Index (PPI) in the U.S. for May showed a modest increase, with core PPI reaching its lowest level since August 2024, indicating that tariffs have not significantly pressured consumer and business prices [1][3] Group 1: PPI Overview - The PPI rose by only 0.1% month-over-month in May, below economists' expectations of 0.2%. Core PPI also increased by 0.1%, with goods prices (excluding food and energy) rising by 0.2% and service prices by 0.1% [3][5] - The report reflects a continuation of the mild performance seen in the Consumer Price Index (CPI) over the past four months, suggesting that the impact of tariff increases on the American public has been relatively subdued so far [3][5] Group 2: Profit Margins and Price Trends - Wholesale and retail profit margins expanded in May, particularly in the vehicle and machinery wholesale sectors, following a contraction in April. This indicates that businesses are absorbing tariff costs without passing them on to consumers [3][5] - Food prices saw a slight increase of 0.1% after two months of decline, while energy costs remained stable. Intermediate demand processing goods costs showed minimal increases, and raw goods prices have declined for three consecutive months [5][6] Group 3: Specific Price Changes - The final demand services index rose by 0.1% in May, rebounding from a 0.4% decline in April, primarily due to a 0.4% increase in trade service profit margins. Notable increases were seen in mechanical and vehicle wholesale profit margins, which surged by 2.9% [5][6] - In the final demand goods category, prices increased by 0.2% in May, with tobacco products rising by 0.9%. Conversely, airline fuel prices dropped by 8.2% [5][6] Group 4: Market Reactions - Following the PPI report, traders fully priced in the scenario of two interest rate cuts by the Federal Reserve within the year [9] - The dollar index fell approximately 20 points to 97.70, while U.S. stock futures saw a slight uptick, with the Nasdaq 100 futures narrowing their decline to 0.5% [10][11]

Core Insights - Australia's Producer Price Index (PPI) for the first quarter increased by 0.9% quarter-on-quarter, compared to a previous value of 0.8% [1] Group 1 - The PPI growth indicates a slight acceleration in producer prices, which may reflect underlying inflationary pressures in the economy [1]