The gold market continues to struggle to hold critical support at $4,000 an ounce and has been unable to attract a safe-haven bid as the U.S. housing sector remains lackluster, potentially weighing on economic activity through the second half of the year.
The gold market is struggling to hold support at $4,000 an ounce and faces solid selling pressure as U.S. consumer spending, a key driver of economic activity, remains relatively healthy.
– Gold prices are selling off on Thursday morning after the Philadelphia Federal Reserve's manufacturing sector survey improved beyond expectations this month.The regional central bank said its manufacturing business outlook for July came in at 41.4 after a reading of 10.3 in June. The data was far better than expected, as economists were looking for a reading of 13.0 this month.
Gold prices are near session lows on Thursday morning following the release of better than expected labor market data after the number of Americans filing new claims for unemployment benefits came in below economists' forecasts.
Gold edged lower. While weaker-than-expected U.S. inflation data provided some relief, a stabilizing dollar and bond yields, alongside continuing rate hike expectations likely leave the metal under pressure, said Tickmill.
Inflation will be the Fed's principal preoccupation for the balance of 2026, but that doesn't mean monetary policy will move an inch, while U.S. sanctions and trade policies continue to stoke sovereign demand for gold, according to Christopher Hodge, Head Economist for the U.S. at Natixis.
While the gold market has been unable to gain enough momentum to break through initial resistance at $4,100 an ounce, one market strategist suggests that its continued consolidation is still good news for the precious metal.
Bessent announced the U.S. Mint will strike a new Trump $1 gold coin for America's 250th anniversary, drawing both praise and backlash online.
Platinum gained strong upside momentum, supported by falling oil prices and lower Treasury yields.
The U.S. and Iran are back to fighting. Gold remains unmoved.
The gold market is holding its ground against the Canadian dollar as the Bank of Canada leaves interest rates unchanged and adopts a neutral, yet cautious, wait-and-see approach to inflation.
The gold market is once again attracting bullish momentum, pushing back into neutral territory as wholesale inflation pressures eased more than expected.