Gold slips to near one-week low at $4,100.32/oz as U.S. strikes on Iran lift oil and dollar
AI Market Summary
Gold eased to a near one-week low as renewed U.S.-Iran strikes lifted oil and the dollar, reinforcing higher-for-longer rate expectations. Markets repriced September Fed hike odds higher, increasing the opportunity cost of holding non-yielding bullion and pressuring silver, platinum and palladium. China's largest monthly reserve addition in over two years and Hong Kong market-development measures offered structural support but did not offset the immediate macro headwinds.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.25%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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U.S. strikes on Iran and the revocation of a licence allowing Iran to sell oil pushed crude up nearly 3% in early trade and lifted the U.S. dollar index to a one-week high. Markets raised the implied probability of a September Fed rate hike to 67% from 57%. Spot gold slid to a near one-week low of $4,100.32 per ounce, while silver, platinum and palladium also fell. China’s central bank reported its largest monthly increase in gold reserves in two and a half years in June, but it failed to offset near-term pressure on bullion prices.
