Hourly Briefing | 2026-06-04 21:01 CST
US initial jobless claims hit 5-month high at 225K; Hormuz Strait mine-clearing plan emerges; Gold ETFs see $2B net outflows in May
π Market Snapshot
| Asset | Price | Change | % Change |
|---|---|---|---|
| Gold XAUUSD | 4503.87 | +69.92 | +1.58% |
| WTI Crude USOIL | 94.498 | -3.405 | -3.48% |
US natural gas futures rose 3.0% intraday to $3.311/MMBtu. 10-year Treasury yield fell 3.8bp to 4.453%.
π₯ Key News This Hour
US initial jobless claims hit 5-month high β Claims for the week ending May 30 rose to 225K, above the 213K consensus and revised prior 212K, the highest since early February, driven by Memorial Day holiday distortions and tech-sector layoffs.
Iran’s Quds Force demands Israeli withdrawal β Quds Force commander Qani stated Israel must retreat to pre-conflict positions, calling support for Lebanese resistance “Iran’s red line.”
UK, France finalize Hormuz Strait mine-clearing plan β The two nations have drawn up plans to lead a multinational mine-clearing operation in the Strait of Hormuz within days of a US-Iran deal to reopen the waterway.
World Gold Association: Gold ETFs saw $2B net outflows in May β Total AUM fell 2% to $604B. Europe was the only region with net inflows (+$334M). Physical market weakness noted in India, South Korea (discounts), and Japan (scattered selling).
OPEC: Strong oil demand growth intact β OPEC Secretary General reaffirmed robust demand outlook. Saudi Energy Minister called for global energy sector stability.
South Korea ruling party wins local elections β Democratic Party won 12 of 16 provincial/mayoral seats. Opposition PPP held Seoul, Daegu, and two Gyeongsang provinces.
French finance minister slams US tariff threats β France rejected US “forced labor” investigations targeting the EU as baseless, urging faster implementation of trade agreements.
π§ Situation Assessment
US jobless claims data came in notably higher than expected, sending a clear signal of labor market cooling that corroborates recent softness in non-farm payrolls.
The FOMC meeting is approaching, and market pricing for rate cuts this year faces significant repricing. Under Wunsch’s leadership, the hawkish faction within the Fed appears to be expanding.
Gold holds above 4,500 but physical market weakness and ETF outflows suggest near-term pullback risk, while the medium-term safe-haven narrative remains intact.
Oil dropped nearly 3.5% as the Hormuz mine-clearing plan reduces supply disruption fears, though geopolitical uncertainty lingers.
Treasury yields declined as markets bet on economic deceleration rather than persistent inflation, likely compressing the term premium further.
β° Upcoming Key Data
- US May ISM Services PMI (tomorrow)
- US Non-Farm Payrolls (this Friday)
- Fed FOMC June rate decision (Jun 17-18)