Gold and silver consolidate ahead of Fed minutes as Iran tensions support safe-haven demand while higher energy costs complicate the rate outlook.
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
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
Oil markets found renewed support Monday after UKMTO reported a vessel was struck while transiting the Strait of Hormuz, sustaining damage to its engine room and a crew casualty. The incident adds to an already fragile picture in the strait following the lapse of the 60-day US-Iran memorandum of understanding, with the market continuing to price a lack of near-term de-escalation.
Gold Price Forecast: XAU/USD bulls take a breather before the next push higher
Gold gains momentum above $4,400 as softer US data dampens Fed hike odds
Gold fund flows have turned positive after months of outflows, while Goldman says private activity is becoming more closely tied to gold prices. Goldman Sachs says gold-fund flows have “picked up meaningfully after seeing net outflows for much of this year.
The breakout in gold was a beautiful setup that saw the metal grasp at the $4k level for more than a month before bulls finally took a step forward two weeks ago. And they wasted little time, with higher-highs and lows developing to illustrate a bullish trend building, all the way until a key spot of resistance came back into the picture at the $4380 swing, taken from the resistance last October that came in as support in February and March.