Gold prices struggle to hold onto gains after key U.S. data showed inflation picked up in June as expected, potentially signaling companies are starting to pass on tariff costs to consumers. Futures are down 0.1% at $3,357.50 a troy ounce following a 0.5% rise earlier in the session.
Source – The Wall Street Journal
Investors are expecting a packed week of economic data starting with the Chicago Fed National Activity Index for January out on Monday at 8:30 a.m. ET. This will be followed by the Dallas Fed Manufacturing Index at 10:30 a.m.
The most anticipated data for the week will be the personal consumption expenditure index, which will be delivered on Friday at 8:30 a.m. ET. The Federal Reserve’s preferred inflation gauge heavily influences the Fed’s rate-cutting decisions.
Source – CNBC
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Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion.
Spot gold was down 0.2% at $3,423.44 per ounce, as of 0136 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,437.70.
Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country.
“If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold,” CM Trade Chief Market Analyst Tim Waterer said.
“But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal.”
Spot silver fell 0.3% to $39.15 per ounce, platinum dropped 0.3% to $1,437.83 and palladium slipped 0.8% to $1,264.96.
Source – Reuters
Gold prices fell sharply by Rs 1,000 to Rs 98,400 per 10 grams in the national capital on Monday, amid a weak global trend and optimism surrounding a possible US-China trade agreement, according to media reports citing the All India Sarafa Association.
“Gold prices continued to decline as easing US-China trade tensions boosted investors’ risk appetite, reducing demand for safe-haven assets like bullion while a stronger dollar added downward pressure,” said Chintan Mehta, Chief Executive Officer of Abans Financial Services, as quoted in media reports.
“Rising geopolitical tensions could limit gold’s downside. As war risks escalate and new conflicts emerge, investors are likely to seek refuge in gold.”
Source – Kashmir Life
South Africa’s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.
At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.
Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world’s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.
Source – Reuters
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InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $3.25 to $3.77, suggesting significant upside potential.
Source – Investing.com
