The price of COMEX gold experienced a downward trend on June 29th, settling at $4030.5 per ounce, marking a decline of 1.61%. In the domestic market, SHFE gold futures also saw a slight drop in the overnight session, closing at 880.04 yuan per gram, down 1.25%.

On the macroeconomic front, the U.S. Bureau of Economic Analysis announced a methodological adjustment for three sub-components of the PCE price index, scheduled for September 30th, aimed at reducing the core inflation measure. Geopolitically, reports suggest the U.S. and Iran agreed to halt mutual attacks, with former U.S. President Trump indicating talks would be held in Doha, Qatar on Tuesday. However, Iran has denied this, stating there are no plans for negotiations with the U.S. in the coming days and that the parties have not yet entered the final agreement negotiation stage, while emphasizing that vessels must pass through the Strait of Hormuz via the "Iranian route." Concurrently, Russian President Putin stated that Russia is at a critical juncture, with the West attempting to destabilize its domestic political situation. Amidst these renewed geopolitical tensions, market risk appetite has cooled again, putting short-term pressure on precious metals. Market focus now turns to whether the reported U.S.-Iran talks in Doha will materialize.

The core pricing logic for the precious metals market remains predominantly driven by the Federal Reserve's monetary policy path, with the U.S.-Iran situation serving as a secondary factor for observation. The Fed's decision on whether to raise interest rates requires further data for confirmation, such as this week's non-farm payrolls report. Until such data is released, the market is likely to remain under the influence of hawkish policy expectations. A persistently strong U.S. dollar could continue to exert downward pressure on gold, with the potential for prices to move lower.