Core Viewpoint - The article discusses the outlook for the gold market, indicating a strong upward trend amidst various economic uncertainties and geopolitical tensions [1][3]. Economic Indicators - The U.S. non-farm payrolls for May recorded an increase of 139,000, marking the lowest level since February, yet surpassing market expectations of 130,000. This report has reduced bets on interest rate cuts, with the probability of three or more 0.25 percentage point cuts decreasing from 36% to 25% [1]. - Concerns over the quality of economic data and the potential for a rate cut later this year were highlighted by Federal Reserve official Harker, who expressed worries about the growing challenges in the U.S. financial system [1]. Market Dynamics - The introduction of the U.S. Stablecoin Bill and rapid legislative actions in Hong Kong signify a global competition for digital currency authority, which supports gold as a safe-haven asset due to its lack of counterparty risk and volatility [3]. - The rising U.S. government fiscal deficit and debt, coupled with significant maturing U.S. Treasury bonds in June and July, have heightened market concerns over refinancing, further driving risk-averse sentiment and potentially lowering the U.S. dollar index, which may boost gold prices [3]. - A recent decline in domestic deposit rates has reduced the opportunity cost of holding gold, providing additional support for gold prices [3]. Long-term Outlook - The global situation is characterized by a breakdown of order, declining interest rates, and a devaluation of the U.S. dollar, suggesting a long-term trend that may favor zero-yield assets like gold as a hedge against rising export costs due to tariffs and trade wars [3].