Gold is again on the backfoot as yet another rally on optimism gets faded. Tonight, Iran's IRGC launched a wave of ballistic missile attacks targeting US military bases across the Gulf, including an Air Base in Kuwait.
In April, US inflation stood at 3.8% year-on-year — the highest level since May 2023. A significant contribution came from rising fuel prices amid escalating tensions in the Middle East.
Bitcoin breaks below key support as bearish pressure builds, while the gold-to-Bitcoin ratio signals rising gold outperformance and deeper risk for BTC.
The ongoing US-Iran ceasefire allowed gold and silver to react to technical breakdowns. Gold accelerated lower below $4,500 with strong bearish continuation while silver traded at $74.80.
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
Gold struggles below $4,500 as Oil-driven inflation fears reaffirm Fed hike bets
Gold declines to near $4,450 amid fading Iran peace hopes
Gold continues to show tentative signs of at least a cheeky bounce, although for now it remains suppressed by a stronger US dollar. Still, with demand emerging at lower levels and bulls gaining the upper hand into Friday's close, I am on the lookout for a rebound this week.
Gold: Bearish pattern caps tight consolidation – Scotiabank
Gold holds near $4,500 as US-Iran talks halt, US Dollar recovers