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```htmlGolden Ten Data reported on June 26 that a survey released by the European Central Bank on Friday shows eurozone consumers lowered their inflation expectations for the coming year in May, while long-term expectations remained stable. This indicates the European Central Bank is not facing immediate pressure to raise interest rates again. Some ECB policymakers have stated that further tightening of monetary policy is still needed to curb inflation expectations, but significant disagreements remain internally about the timing of the next move.The ECB’s consumer expectations survey shows that consumers’ expectations for inflation in the coming year fell from 4.0% in April to 3.5% in May; expectations for inflation over the next three and five years remained unchanged at 2.9% and 2.4%, respectively. The European Central Bank, based on a survey of about 19,000 adults across 11 eurozone countries, stated: “Uncertainty regarding inflation expectations for the next 12 months has decreased, but remains higher than before the outbreak of the Middle East war.”As in the past, low-income groups reported higher current inflation perceptions and inflation expectations than other groups, while young people had relatively lower inflation perceptions and expectations. Financial markets currently expect the ECB to raise rates another one or two times, with the next hike only fully priced in by the market in the autumn.```

Odaily reports that BMI Commodity Research Department, part of Fitch, remains optimistic about gold, maintaining its forecast for an average gold price of $4,600 per ounce in 2026. The institution also believes that the Federal Reserve will not make any moves regarding interest rates this year. As pointed out last week, the Federal Reserve’s hawkish tone has fueled expectations of rate hikes, creating significant downside risk for gold. However, as long as inflation pressure related to the Middle East conflict subsides as expected with the recent agreement between the US and Iran, the most likely outcome is that interest rates will remain unchanged for a prolonged period. In the short term, gold prices may be driven by signals from Federal Reserve policy, and precious metals are likely susceptible to market repricing and a stronger US dollar. (Golden Ten Data)

Golden Ten Data reported on June 26 that the direction of deferred compensation payment is as follows: Au(T+D) – paid more to short position, Ag(T+D) – paid more to short position.