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CNBC TV18

COMEX gold slips 0.35% to $4,037.50/oz on July 16 as oil rallies stoke inflation concerns

AI Market Summary
Gold and silver softened despite a weaker USD and a dovish signal from subdued US June PPI, as rising Brent prices on escalating US-Iran tensions revived re-inflation concerns and capped bullion demand. Higher energy costs can complicate the rates outlook, reducing the near-term appeal of precious metals. Risk appetite also deteriorated amid tech weakness and caution ahead of TSMC earnings.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.04%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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On July 16, COMEX gold futures traded at $4,037.50 per ounce, down 0.35%, while silver futures fell 0.34% to $57.235 per ounce. Brent crude rose to $85.45 a barrel. Softer US June producer-price data reinforced expectations of rate cuts, but escalating US-Iran tensions lifted oil prices and revived inflation worries, weighing on bullion.
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