[SMM Precious Metals Market Flash News] Overnight, the US Fed maintained the target range for the federal funds rate at 4.25% to 4.50%, in line with market expectations. This marked the fifth consecutive decision by the US Fed to keep interest rates unchanged. As market traders lowered their expectations for interest rate cuts in the second half of the year, the precious metals market came under pressure and pulled back. Overnight, COMEX gold futures closed down 1.58% at $3,327.9 per ounce; COMEX silver futures closed down 2.9% at $37.175 per ounce. Fed Chairman Powell stated that the US Fed had not yet made any decisions regarding September interest rates, and traders had reduced their expectations for multiple interest rate cuts by the US Fed this year, no longer fully expecting an interest rate cut by the US Fed in October.