Oil slips after OPEC+ agrees August output hike; gold holds firm as dollar weakens
AI Market Summary
Commodities are diverging: oil is pressured after OPEC+ agreed to raise August output targets and Strait of Hormuz exports recover, increasing perceived supply. Gold is holding near a two-week high as softer-than-expected US jobs data pulled the dollar index to a two-week low and reduced expectations for further Fed tightening. Broader precious metals are firmer, while FX focus remains on yen intervention risk.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.67%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Oil prices eased after OPEC+ said it will raise crude production targets from August, while exports via the Strait of Hormuz recovered. Brent futures were at $71.88 a barrel, down 0.33%. A softer-than-expected U.S. June jobs report pushed the dollar index to a two-week low, helping spot gold hold at $4,175.02 an ounce after rising more than 2% on the week. Silver, platinum and palladium also gained.
