Gold ticks up as June U.S. inflation cools, while Gulf tensions cap gains
AI Market Summary
Gold edged higher after softer June U.S. inflation reduced perceived near-term Fed tightening risk (September hike odds fell to ~58% from ~76%), supporting non-yielding bullion. However, escalating Gulf tensions and a three-session rise in oil prices lift inflation-risk premia, capping upside and keeping rates expectations in focus. Markets also await China's Q2 activity data, which could influence physical gold demand.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.09%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Gold inched higher, with spot prices at $4,056.69 an ounce, after June U.S. inflation slowed more than expected. Markets pared back expectations for a Fed rate increase at the September meeting, with the implied probability falling to about 58% from 76%, according to CME FedWatch Tool data. Escalating conflict in the Gulf and a three-session rise in oil prices supported safe-haven demand but also kept attention on inflation risks. Silver, platinum and palladium also moved higher, while investors awaited China’s Q2 GDP and other data that could affect physical gold demand.
