On June 8th, COMEX gold traded in a narrow range at lower levels, settling at $4,353.8 per ounce, a decline of 0.26%. The domestic SHFE gold contract opened slightly higher during the night session, moving within a tight range, and closed at 951.96 yuan per gram, a gain of 0.06%.

Geopolitical developments saw a pause after US President Trump called for an immediate ceasefire between Iran and Israel, with both sides stating on Monday they had halted attacks. However, Tehran indicated it would resume strikes against Israel if Israeli actions against Hezbollah in Lebanon continued. The past 24 hours marked the most direct confrontation since the April ceasefire, threatening Washington's efforts to broker a deal with Tehran. With the easing of geopolitical tensions, the gold price found a floor and the US dollar retreated modestly. However, robust US employment data bolstered market expectations for Federal Reserve interest rate hikes, thereby capping gold's upside potential. The short-term outlook remains weak, and further assessment hinges on shifts in market risk appetite linked to the geopolitical situation.

Looking ahead, the US May CPI data is scheduled for release this Wednesday. The April CPI data had already shown signs of rising inflation. Should the upcoming figures exceed expectations to the upside, markets may reinforce hawkish expectations for the Fed amid persistent inflation concerns, which would pressure gold prices. In the medium term, attention should be directed towards guidance from the Federal Reserve's June policy meeting, warranting a cautious stance and continued moderation of expectations for the first half of the year.