Gold: Price dip seen limited as PBoC buying continues – Commerzbank
The US dollar failed to capitalise on the escalation of the conflict in the Middle East. Reports of a tanker incident in the Strait of Hormuz are putting US-Iran negotiations at risk.
Gold is attempting to break its medium-term trend, with the latest US labour market data acting as the main catalyst. The US employment report released on 2 July came in noticeably weaker than expected, with the pace of hiring slowing to its lowest level in several months.
Official sector demand and constrained mine supply continued to underpin gold and silver ahead of FOMC. Gold defended $4,127 trendline breakout with bullish rejection wicks while silver held $60.69.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Gold declines as reviving inflation fears outweigh receding Fed rate hike bets and soft USD
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data