The cooling of energy markets—with Brent crude retreating toward the $83-$84 range and U.S. crude falling below $80—has effectively replaced the geopolitical safe-haven premium with a more favorable macroeconomic backdrop. Investors are rotating into rate-sensitive sectors as inflation expectations soften, creating a cleaner path for precious metals despite the diminished urgency of the Hormuz crisis.

Economic data remains a mixed signal for the broader market. The New York Fed’s Empire State manufacturing index dropped 14 points to 5.7 in June, though activity remains positive. Meanwhile, the supply availability index fell to -13.9, its lowest point since June 2022, highlighting persistent supply-chain pressures. Traders are now shifting their focus toward upcoming U.S. industrial production figures and the June 17 FOMC decision, which will provide further clarity on the Federal Reserve's policy trajectory as the 10-year Treasury yield hovers near 4.4%.