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Gold rises above $4,000 yet poised for an 11% monthly loss
Gold (XAU/USD) price posts modest gains of 0.35% on Tuesday, set to end the month with losses of over 11% after retreating from monthly highs around $4,500 towards $4,000, weighed by overall US Dollar strength. The XAU/USD pair trades at $4,026 after hitting an eight-month low of $3,942 earlier in the day. The US-Iran war was the main reason behind Gold’s collapse in June, propelling Oil prices higher and underpinning the US Dollar. Although they have signed a Memorandum of Understanding (MOU) to end the conflict and Oil prices have eased, the yellow metal failed to gain traction amid expectations that major ... (full story)
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The gold market continues to see a lot of buying just below the $4000 level, trying to hold it as support.
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Despite gold's recent volatility, central banks have little intention of backing away from the precious metal. Instead, the latest research from the Official Monetary and Financial Institutions Forum (OMFIF) suggests official institutions are becoming even more committed to gold as a strategic monetary asset as they navigate an increasingly fragmented ...
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