According to Jinshi, the number of new non-farm payrolls in the United States in June released on Friday was slightly better than expected, but the total number of new non-farm payrolls in April and May was revised down by 111,000. At the same time, the unemployment rate was 4.1%, higher than the previous value and the expected value, and the performance of the US labor market continued to cool. This pushed up investors' expectations for a rate cut in September. The interest rate observation tool showed that the probability of a rate cut in September exceeded 80%, and the expected number of rate cuts this year was revised to 2. The revision of expectations caused the US bond yield to fall, which is conducive to pushing up the price of precious metals. Judging from the high level of nominal interest rates and real interest rates, the rate cut has a strong driving force on the price of precious metals.