📰 Hourly Briefing | 2026-06-03 17:00 CST

📊 Market Snapshot

Gold dropped over 1% intraday, falling below 4450 with a low of 4440. Crude surged past $98 with a near $3 intraday range.

🔥 Key News This Hour

1. 🌍 Gold Surpasses US Treasuries as #1 Global Reserve Asset — For the first time since 1996, gold has overtaken US Treasuries as the largest official reserve asset globally, marking the biggest shift in central bank reserves in 30 years.

2. 🇨🇼 Kuwait Attacked by Iran, One Dead — Kuwait’s Foreign Ministry confirmed an Iranian attack, further escalating Middle East tensions.

3. 🇯🇵 BOJ Governor Ueda Speaks Out — Emphasized the need to monitor upside inflation risks, suggesting no rush for aggressive rate hikes, but warned that delayed action could force sharp tightening. 10-year JGB futures fell during his speech.

4. 🇪🇺 ECB June Rate Hike All But Certain — Belgian central bank governor Wunsch clearly stated that even if a US-Iran peace deal is reached, the ECB has ample reason to hike in June, though this doesn’t signal the start of a hiking cycle.

5. 🇳🇴 Norwegian Oil Workers Threaten Strike — If a strike begins June 5, production would drop by ~45,500 boe/day, supporting oil prices.

🧭 Situation Assessment

Middle East geopolitical risks continue to ferment. Kuwait attack叠加 Norway strike expectations provide dual bullish support for crude.

Despite today’s intraday correction, the structural transformation in global central bank reserves provides solid support for gold’s long-term trajectory.

The pullback is more of a technical profit-taking move rather than a trend reversal.

BOJ Governor Ueda’s remarks are neutral-leaning, limited near-term impact on yen, but the long-term inflation path remains the key variable.

ECB June hike expectations are fully priced in; watch the post-meeting statement for hints on subsequent pace.

⏰ Upcoming Key Data

• Eurozone April PPI MoM (release window active)
• Norway strike final decision (June 5)
• ECB rate decision (June meeting approaching)