Galaxy Securities pointed out that the US Markit service sector PMI continued to rise to a new high in May, compounded by the fact that the US core PCE in April exceeded expectations year on year, causing market expectations for the Federal Reserve to raise interest rates by 25 basis points in June. The two parties in the US reached a principle agreement on the US debt ceiling negotiations last weekend. The resolution of the US debt issue would help interest rates on US bonds fall again and facilitate a rebound in gold prices. However, looking at the medium term, the risk of a recession in the US economy still exists. There is still a possibility that the Federal Reserve will cut interest rates in the second half of the year. After experiencing short-term shocks, the gold sector is in a better layout stage before interest rate cuts.