MrAlex_17

Gold now manages to leave behind the initial weakness and rapidly advances to the area of three-week peaks around the $3,380 mark per troy ounce as the US Dollar’s retracement gathers extra pace following another round of Trump-Powell effervescence.

Gold price sticks to modest intraday gains around the $3,360 region heading into the European session and remains close to a three-week high touched the previous day. The US Dollar eases from a multi-week top amid some repositioning trade ahead of the crucial US consumer inflation figures, which is seen as a key factor acting as a tailwind for the commodity.

Gold prices rise in early trade as fears of a global economic slowdown due to widening trade tensions reinforce the precious metal's role as a defensive hedge and safe-haven asset. Futures are up 0.5% to $3,382.70 a troy ounce, their highest level in three weeks, after President Trump said he will charge a 30% tariff on goods from the EU and Mexico--two of the U.S.'s largest trading partners. Meanwhile, investors await key U.S. economic data later this week, including CPI inflation figures. "Should the June data report higher-than-expected inflation, this could prompt a selloff in U.S. Treasuries and increase demand for the U.S. dollar this week," says Aaron Hill, chief analyst at FP Market.

Gold price kicks off the week on a bearish note after facing rejection again near $3,350. US Dollar finds fresh haven demand amid renewed trade jitters as Trump’s tariff letter to go out on Monday. Gold price breaches the 50-day SMA support as the daily RSI pierces below the midline.

Gold price regains positive traction and reverses a part of Thursday’s upbeat NFP-inspired losses. US fiscal concerns weigh on the USD and lend support to the commodity amid trade uncertainties. Holiday-thinned liquidity might hold back the XAU/USD traders from placing fresh directional bets.

Despite rising selling pressure on the dollar and mixed US PCE numbers, Gold prices fell further on Thursday, reaching new four-week lows around $3,260 per troy ounce. Collaborating with the decline, recent improvements in the Israel-Iran conflict continue to fuel investor withdrawals from the safe haven region.

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

Gold price trades with a mild positive for the second straight day on Thursday, though it lacks follow-through and remains below the $3,350 level through the early European session. Reports that US President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell raised concerns over the future independence of the US central bank.

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

Gold begins the week on a downward trend, trading below the key $3,400 mark per troy ounce. In the meantime, the precious metal has managed to limit its losses amid the stronger US Dollar (USD) and rising geopolitical tensions in the Middle East.