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Update: Gold Steady, Remaining Above $4,000 Despite Inflation Worries

(Updates prices in the second and final paragraphs.)Gold was mostly steady midafternoon Friday, sticking above the $4,000 mark even as the dollar nudged higher.Gold for August delivery was last seen up $18.20, or 0.5%, to $4,068.40 per ounce.The price of the metal has found support at the $4,000 mark despite the inflation worries sparked by the high oil prices that followed the launch of the war on Iran. The price of the metal is down 22% since the US and Israel launched strikes on the country on Feb. 28, with investors turning to the dollar amid rate hike fears, bearish for gold since it offers no yield."Higher energy costs have revived the prospect of a Fed rate hike. Money markets now price roughly a 35% chance of an increase at next week's FOMC meeting, up from about 10% a week ago, with a hike fully priced by September," Saxo Bank noted.The dollar inched higher, with the ICE dollar index last seen up 0.03% at 101.47 per ounce. Treasury yields moved lower, with the yield on the US two-year note last seen down 2.0 basis points to 4.335%, while the 10-year note was paying 4.683%, down 1.7 points.

Gold Steady, Remaining Above $4,000 Despite Inflation Worries

Gold was steady early Friday, sticking above the $4,000 mark even as the dollar rose.Gold for August delivery was last seen down $1.90, or 0.1%, to $4,048.30 per ounce.The price of the metal has found support at the $4,000 mark despite the inflation worries sparked by the high oil prices that followed the launch of the war on Iran. The price of the metal is down 22% since the US and Israel launched strikes on the country on Feb. 28, with investors turning to the dollar amid rate hike fears, bearish for gold since it offers no yield."Higher energy costs have revived the prospect of a Fed rate hike. Money markets now price roughly a 35% chance of an increase at next week's FOMC meeting, up from about 10% a week ago, with a hike fully priced by September," Saxo Bank noted.The dollar edged up early, with the ICE dollar index last seen up 0.05 points to 101.49. Treasury yields edged lower, with the yield on the US two-year note last seen down 0.7 basis points to 4.348%, while the 10-year note was paying 4.688%, down 1.2 points.

Update: Gold Retreats from Two-Week High as Dollar and Treasury Yields Rise

(Updates prices in the second and final paragraphs.)Gold prices retreated midafternoon Thursday, falling off a two-week high as the dollar and yields rose after the US reported a sharp drop in initial jobless claims last week while high oil prices continue to stoke inflation worries.Gold for August delivery was last seen down $100.20, or 2.4%, to $4,051.70 per ounce.The US Labor Department on Thursday reported 187,000 fresh jobless claims last week, down from a revised 209,000 claims a week earlier and under expectations for 212,000 new claims, according to MarketWatch.Rising oil prices as fighting in the Middle East heats up is further stoking inflation fears. The US is continuing attacks on Iran and Yemen's Houthis are striking at tankers in the Red Sea, heightening worries central banks will need to raise interest rates to check prices.The dollar moved higher following the data, a bearish signal for commodities priced in the currency. The ICE dollar index was last seen up 0.33 points to 101.46, the highest since July 1. Treasury yields were sharply higher, with the yield on the US two-year note last seen up 6.4 basis points to 4.366%, while the 10-year note was paying 4.706%, up 3.8 points.

Gold Retreats from Two-Week High as Dollar, Treasury Yields Rise

Gold prices retreated early Thursday, falling off a two-week high as the dollar and yields rose after the US reported a sharp drop in initial jobless claims last week while high oil prices continue to stoke inflation worries.Gold for August delivery was last seen down $72.20, or 1.7%, to $4,079.70 per ounce.The US Labor Department on Thursday reported 187,000 fresh jobless claims last week, down from a revised 209,000 claims a week earlier and under expectations for 212,000 new claims, according to MarketWatch.Rising oil prices as fighting in the Middle East heats up is further stoking inflation fears. The US is continuing attacks on Iran and Yemen's Houthis are striking at tankers in the Red Sea, heightening worries central banks will need to raise interest rates to check prices.The dollar moved higher following the data, a bearish signal for commodities priced in the currency. The ICE dollar index was last seen up 0.26 points to 101.39, the highest since July 1.Treasury yields were sharply higher, with the yield on the US two-year note last seen up 5.8 basis points to 4.36%, while the 10-year note was paying 4.713%, up 4.5 points.

Update: Gold Rises to Two-Week High as Weaker Dollar Boosts Prices

(Updates prices in the second and final paragraphs.)Gold traded at a two-week high midafternoon Wednesday, climbing for a second-straight session as the US dollar weakened.Gold for August delivery was last seen up $75.20, or 1.8%, to $4,151.60 per ounce, the highest level since July 7.Still, the metal remains down 7.5% since the start of the year, as the Middle East conflict has driven up energy costs, fueling concerns that central banks may need to raise interest rates and prompting investors to favor the US dollar and bonds over gold. However, the metal has found support around the $4,000 level, falling below that mark only once over the past month."Bullion is holding up despite firmer US yields and a stronger dollar, as energy-driven inflation risk and safe-haven demand from the Middle East conflict outweigh those headwinds," Saxo Bank noted.The dollar eased, with the ICE dollar index last seen down 0.2 points to 101.15. Treasury yields rose, with the US two-year note last seen paying 4.306%, up 2.8 basis points, while the yield on the 10-year note was up 2.9 points to 4.658%.

Gold Rises to Two-Week High as Weaker Dollar Boosts Prices

Gold traded at a two-week high early Wednesday, rising for a second straight session as the US dollar weakened.Gold for August delivery was last seen up $61.20, or 1.5%, at $4,137.60 per ounce, the highest level since July 9.Still, the metal remains down 7.5% since the start of the year, as the Middle East conflict has driven up energy costs, fueling concerns that central banks may need to raise interest rates and prompting investors to favor the US dollar and bonds over gold. However, the metal has found support around the $4,000 level, falling below that mark only once over the past month."Bullion is holding up despite firmer US yields and a stronger dollar, as energy-driven inflation risk and safe-haven demand from the Middle East conflict outweigh those headwinds," Saxo Bank noted.The dollar edged lower, with the ICE dollar index last seen down 0.3 basis points to 101.15. Treasury yields rose, with the US two-year note last seen paying 4.289%, up 1.1 basis points, while the yield on the 10-year note was up 2.1 points to 4.65%.

Update: Gold Trading Higher, Finds Support at $4,000 Even as Dollar and Yields Rise

(Updates prices in the second and final paragraphs.)Gold traded higher midafternoon Tuesday, rising for a second-straight session after finding support at the $4,000 mark despite a stronger US dollar and higher Treasury yields.Gold for August delivery was last seen up $58.30, or 1.5%, to $4,074.20 per ounce.The price of the precious metal has steadied at close to the $4,000 mark despite a strengthening dollar and high oil prices that are raising inflation and heightening fears central banks will need to raise interest rates, bearish for gold since it pays no interest."Gold has pushed back above the USD 4,000 level it spent Monday testing from below, trading around USD 4,046 in Asian hours after ending Monday down 0.2%. Bullion is holding that line despite a firmer dollar and higher yields, as traders weigh Middle East inflation risk against mediation headlines," Saxo Bank wrote.The dollar rose, with the ICE dollar index last seen up 0.16 points to 101.11. Treasury yields also rose, with the yield on the US two-year note up 4.9 basis points to 4.264%, while the 10-year note was paying 4.633%, up 3.6 points.

Gold Trading Higher Early, Finds Support at $4,000 Even as Dollar and Yields Rise

Gold traded higher early Tuesday, rising for a second straight session and finding support at the $4,000 mark despite a stronger US dollar and higher Treasury yields.Gold for August delivery was last seen up $47.50, or 1.2%, at $4,063.40 per ounce.The price of the precious metal has steadied at close to the $4,000 mark despite a strengthening dollar and high oil prices that are raising inflation and heightening fears central banks will need to raise interest rates, bearish for gold since it pays no interest."Gold has pushed back above the USD 4,000 level it spent Monday testing from below, trading around USD 4,046 in Asian hours after ending Monday down 0.2%. Bullion is holding that line despite a firmer dollar and higher yields, as traders weigh Middle East inflation risk against mediation headlines," Saxo Bank wrote.The dollar rose, with the ICE dollar index last seen up 0.08 points to 101.03. Treasury yields also rose, with the yield on the US two-year note up 3.0 basis points to 4.245%, while the 10-year note was paying 4.621%, up 2.4 points.

Update: Gold Steady Even as The Dollar and Yields Rise

(Updates prices in the second and final paragraphs.)Gold was steady midafternoon Monday, holding above $4,000 despite a stronger US dollar and rising bond yields.Gold for August delivery was last seen down $3.30 to $4,015.50 per ounce.Gold prices have been buffeted by the rise in oil prices that have followed the US war on Iran, raising worries central banks will need to raise interest rates due to energy inflation. However reports on Monday said talks between the two countries may resume, easing oil futures and lowering inflation worries."The counterintuitive decline reflects rising bets that the Fed may need to hike rates to contain oil-driven inflation, lifting the opportunity cost of holding bullion," Saxo Bank said in a note Monday.The dollar traded higher, with the ICE dollar index last seen up 0.19 points to 100.96. US treasury yields also moved higher, with the two-year note last seen up 4.9 basis points to 4.232%, while the 10-year note was paying 4.605%, up 5.5 points.

Gold Steady Even as the Dollar Rises

Gold was steady early Monday, holding above $4,000 despite a stronger US dollar as oil prices eased.Gold for August delivery was last seen down $3.60 to $4,015.20 per ounce.Gold prices have been buffeted by the rise in oil prices that have followed the US war on Iran, raising worries central banks will need to raise interest rates due to energy inflation. However reports on Monday said talks between the two combatants may resume, easing oil futures and lowering inflation worries."The counterintuitive decline reflects rising bets that the Fed may need to hike rates to contain oil-driven inflation, lifting the opportunity cost of holding bullion," Saxo Bank noted,The dollar traded up early, with the ICE dollar index last seen up 0.11 points to 100.88. Treasury yields also moved higher, with the yield on the US two-year note last seen up 1.7 basis points to 4.2%, while the 10-year note was paying 4.566%, up 1.7 points.

Update: Gold Rises Off Session Lows on a Steady Dollar and Mixed Yields

(Updates prices in the second and final paragraphs.)Gold traded higher midafternoon on Friday, rising off early lows on a steady dollar and mixed treasury yields even as higher oil prices following renewed fighting between Iran and the US revived inflation concerns.Gold for August delivery was last seen up 0.6% to $4,017.00 after earlier touching the lowest level since Nov. 6.The rise comes even as oil prices surged after fresh fighting between the US and Iran keeps the Strait of Hormuz closed, trapping ships that had supplied about 20% of global daily oil demand from Persian Gulf nations before the war.Oil has climbed 14% over the past week as the conflict in the Middle East resumed, fueling concerns that higher inflation will force central banks to raise interest rates, a negative for gold because the metal offers no yield."Gold slipped back below USD 4,000 as inflation concerns driving US rate hike speculation continuing to weigh on investor sentiment. Rising energy prices linked to the Middle East conflict have reinforced inflation risks, while an increasing number of Federal Reserve officials have warned that persistent price pressures could require further policy tightening," Saxo Bank wrote.The dollar was steady, with the ICE dollar index last seen up 0.01 points to 100.78. Treasury yields were mixed, with the US two-year note last seen paying 4.181%, up 2.1 basis points, while the yield on the 10-year note was down 0.8 points to 4.551%.

Gold Falls to an Eight-Month Low as Rising Oil Prices Revive Inflation Worries

Gold traded at an eight-month low early on Friday as higher oil prices following renewed fighting between Iran and the US revived inflation concerns.Gold for August delivery was last seen down 0.6% at $3,969.80 per ounce, the lowest level since Nov. 6.The decline came as oil prices surged after fresh fighting between the US and Iran kept the Strait of Hormuz closed, trapping ships that had supplied about 20% of global daily oil demand from Persian Gulf nations before the war.Oil has climbed 14% over the past week as the conflict in the Middle East resumed, fueling concerns that higher inflation will force central banks to raise interest rates, a negative for gold because the metal offers no yield."Gold slipped back below USD 4,000 as inflation concerns driving US rate hike speculation continuing to weigh on investor sentiment. Rising energy prices linked to the Middle East conflict have reinforced inflation risks, while an increasing number of Federal Reserve officials have warned that persistent price pressures could require further policy tightening," Saxo Bank wrote.The dollar was higher early, with the ICE dollar index last seen up 0.08 points to 100.85. Treasury yields were lower, with the US two-year note last seen paying 4.128%, down 3.0 basis points, while the yield on the 10-year note was down 4.1 points to 4.518%.

Update: Gold Trades Lower, Dollar and Yields Rise as US Retail Sales Growth Eased in June

(Updates prices in the second and final paragraphs.)Gold fell midafternoon on Thursday as the dollar and yields rose after a report showed US retail sales slowed in June.Gold for August delivery was last seen down $65.30, or 1.6%, to $3,986.50 per ounce.Retail sales rose by 0.2% monthly in June, down from a rise of 1% in May and matching the consensus estimate, according to Marketwatch. The data is the latest this week to show a slowing US economy, after the country reported consumer and wholesale inflation eased last month amid falling energy prices.That's curbing concerns the Federal Reserve will need to raise interest rates, even as oil rises on renewed fighting between the U.S. and Iran."Gold remains trapped in a broad USD 3,950-4,200 range as investors balance the inflationary impact of higher energy prices and the prospect of tighter Federal Reserve policy against the longer-term economic risks from a prolonged energy shock," Saxo Bank wrote.The greenback was higher, with the ICE dollar index last seen up 0.2914 points to 100.78. Treasury yields also climbed, with the US two-year note last seen at 4.17%, up 2.7 basis points, while the yield on the 10-year note was up 1.5 points to 4.569%.

Gold Trades Lower, Dollar and Yields Rise as US Retail Sales Growth Eased in June

Gold prices weakened early on Thursday as the dollar and yields rose after a report showed U.S. retail sales slowed in June.Gold for August delivery was last seen down $46.40, or 1.2%, to $4,005.40 per ounce.Retail sales rose by 0.2% monthly in June, down from a rise of 1% in May and matching the consensus estimate, according to Marketwatch. The data is the latest this week to show a slowing US economy, after the country reported consumer and wholesale inflation eased last month amid falling energy prices.That's curbing concerns the Federal Reserve will need to raise interest rates, even as oil rises on renewed fighting between the U.S. and Iran."Gold remains trapped in a broad USD 3,950-4,200 range as investors balance the inflationary impact of higher energy prices and the prospect of tighter Federal Reserve policy against the longer-term economic risks from a prolonged energy shock," Saxo Bank wrote.The dollar was higher early, with the ICE dollar index last seen up 0.14 points to 100.63. Treasury yields also climbed, with the US two-year note last seen at 4.172%, up 4.4 basis points, while the yield on the 10-year note was up 4.3 points to 4.59%.

Update: Gold Edges Down Even as Dollar, Yields Drop After US Wholesale Prices Fell in June

(Updates prices in the second and final paragraphs.)Gold edged lower midafternoon on Wednesday even as the dollar and treasury yields fell after the US reported an unexpected drop in wholesale price inflation last month.Gold for August delivery was last seen down 0.5% to $4,049.80 per ounce.The US Bureau of Labor Statistics reported the Producer Price Index fell by 0.3% monthly in June, down from a rise of 0.6% in May and under expectations for a flat reading, according to Marketwatch.Core PPI, excluding volatile food, energy and trade services rose 0.1% last month, down from a rise of 0.8% in May and under expectations for a rise of 0.3%.The drop follows the bureau's Tuesday report showing consumer prices also eased last month. The slowing growth in consumer and wholesale prices is checking worries the Federal Reserve will need to raise interest rates to manage rising costs. However, higher oil prices as Iran and the U.S. renewed fighting this week is reviving rate worries."Softer-than-expected US CPI data boosted expectations for a less aggressive Federal Reserve. However, the move quickly faded, with prices trading back down to around USD 4,030, as renewed gains in oil prices and fresh US strikes against Iran revived inflation concerns," Saxo Bank wrote.The dollar moved down following the inflation data, with the ICE dollar index last seen down 0.39 points to 100.53. Treasury yields were also lower, with the US two-year note last seen paying 4.137%, down 7.3 basis points, while the yield on the 10-year note was down 4.3 points to 4.549%.

Gold Steady as Dollar and Yields Drop After US Wholesale Prices Fell in June

Gold was steady early on Wednesday as the dollar and treasury yields fell after the US reported an unexpected drop in wholesale price inflation last month.Gold for August delivery was last seen up 0.2% to $4,078.40 per ounce.The US Bureau of Labor Statistics reported the June Producer Price Index fell by 0.3% in June, down from a rise of 0.6% in May and under expectations for a flat reading, according to Marketwatch.Core PPI, excluding volatile food, energy and trade services rose 0.1% last month, down from a rise of 0.8% in May and under expectations for a rise of 0.3%.The drop follows the bureau's Tuesday report showing consumer prices also eased last month. The slowing growth in consumer and wholesale prices is checking worries the Federal Reserve will need to raise interest rates to manage rising costs. However, higher oil prices as Iran and the U.S. renewed fighting this week is reviving rate worries."Softer-than-expected US CPI data boosted expectations for a less aggressive Federal Reserve. However, the move quickly faded, with prices trading back down to around USD 4,030, as renewed gains in oil prices and fresh US strikes against Iran revived inflation concerns," Saxo Bank wrote.The dollar edged down following the inflation data, with the ICE dollar index last seen down 0.05 points to 100.87. Treasury yields were also lower, with the US two-year note last seen paying 4.166%, down 2.7 basis points, while the yield on the 10-year note was down 1.4 points to 4.571%.

Update: Gold Rises Off an Eight-Month Low as Dollar Falls After US Consumer Prices Eased in June

(Updates prices in the second and final paragraphs.)Gold rose off an eight-month low on Tuesday as the U.S. dollar and yields weakened after the consumer prices eased in the world's biggest economy in June, easing concerns rising prices would force higher interest rates.Gold for August delivery was last seen up $57.50, or 1.4%, to $4,063.20 per ounce, after falling to the lowest since Nov. 6 a day earlier.The US Bureau of Labor Statistics reported the Consumer Price Index fell by 0.4% in June, down from a rise of 0.5% in May and against expectations for a fall of 0.2%, according to Marketwatch. The drop was the largest monthly decrease since April 2020, the agency said. Falling energy prices were the largest contributor.Core CPI, excluding volatile food and energy, was unchanged in June, down from a monthly rise of 0.2% in May and under expectations for a rise of 0.2%.Lower inflation is easing worries the Federal Reserve will need to raise interest rates to calm rising prices, however oil surged again since the U.S. and Iran renewed fighting on the weekend."Gold briefly fell below USD 4,000 on Monday as surging oil prices reignited inflation and rate hike concerns," Saxo Bank wrote. "However, it subsequently rebounded above that level as the dollar and Treasury yields failed to strengthen further despite the latest geopolitical developments, potentially signalling the first break in the recent market reaction function linking higher oil prices with weaker precious metals."The dollar was lower following the inflation data, with the ICE dollar index last seen down 0.3 points to 100.94. Treasury yields were lower, with the yield on the US two-year note last seen down 8,2 basis points to 4.214%, while the 10-year note was paying 4.586%, down 3.4 points

Gold Rises Off an Eight-Month Low, Dollar Falls after US Consumer Prices Eased in June

Gold rose off an eight-month low early on Tuesday as the U.S. dollar and yields weakened after the consumer prices eased in the world's biggest economy in June, easing concerns rising prices would force higher interest rates.Gold for August delivery was last seen up $79.30, or almost 2%, to $4,085 per ounce, after falling to the lowest since Nov. 6 a day earlier.The US Bureau of Labor Statistics reported the June Consumer Price Index fell by 0.4% in June, down from a rise of 0.5% in May and against expectations for a fall of 0.2%, according to Marketwatch. The drop was the largest monthly decrease since April 2020, the agency said. Falling energy prices were the largest contributor.Core CPI, excluding volatile food and energy, was unchanged in June, down from a monthly rise of 0.2% in May and under expectations for a rise of 0.2%.Lower inflation is easing worries the Federal Reserve will need to raise interest rates to calm rising prices, however oil surged again since the U.S. and Iran renewed fighting on the weekend."Gold briefly fell below USD 4,000 on Monday as surging oil prices reignited inflation and rate hike concerns," Saxo Bank wrote. "However, it subsequently rebounded above that level as the dollar and Treasury yields failed to strengthen further despite the latest geopolitical developments, potentially signalling the first break in the recent market reaction function linking higher oil prices with weaker precious metals."The dollar was lower following the inflation data, with the ICE dollar index last seen down 0.59 points to 100.64. Treasury yields were lower, with the yield on the US two-year note last seen down 9.4 basis points to 4.204%, while the 10-year note was paying 4.576%, down 4.4 points

Update: Gold Falls to Monthly Low as Renewed US-Iran Fighting Fuels Inflation Concerns

(Updates prices in the second and final paragraphs.)Gold fell to its lowest level this month midafternoon Monday amid heightened inflation worries following renewed fighting between Iran and the U.S. over the weekend.Gold for August delivery was last seen down $105.10, or 2.6%, to $4,008.60 per ounce, the lowest since June 24.The US on the weekend struck sites in Iran, while Tehran targeted shipping in the Strait of Hormuz and US assets in neighboring countries. Iran also renewed its threat to close the Strait, the chokepoint through which about 20% of global oil consumption moves before reaching international markets.The fresh fighting pushed up oil by more than 6%, feeding the inflation worries that have dominated trading since the Feb. 28 start to the war, heightening concerns central banks will need to raise interest rates to combat rising inflation, sending investors to the dollar and bonds and away from gold."Precious and industrial metals are once again under pressure as renewed hostilities in the Gulf rekindle concerns about inflation and the risk of further Federal Reserve tightening, creating additional headwinds through higher bond yields and a stronger dollar," Saxo Bank wrote.Still, the dollar rose, with the ICE dollar index last seen up 0.28 points to 101.23. Treasury yields rose, with the US two-year note last seen paying 4.273%, up 5.7 basis points, while the yield on the 10-year note was up 5.2 points to 4.614%

Gold Falls to Monthly Low as Renewed US-Iran Fighting Fuels Inflation Concerns

Gold fell to its lowest level this month early Monday amid heightened inflation worries following renewed fighting between Iran and the U.S. over the weekend.Gold for August delivery was last seen down $44.10, or 1.1%, to $4,069.60 per ounce, the lowest since June 30.The US on the weekend struck sites in Iran, while Tehran targeted shipping in the Strait of Hormuz and US assets in neighboring countries. Iran also renewed its threat to close the Strait, the chokepoint through which about 20% of global oil consumption moves before reaching international markets.The fresh fighting pushed up oil by nearly 4%, feeding the inflation worries that have dominated trading since the Feb. 28 start to the war, heightening concerns central banks will need to raise interest rates to combat rising inflation, sending investors to the dollar and bonds and away from gold."Precious and industrial metals are once again under pressure as renewed hostilities in the Gulf rekindle concerns about inflation and the risk of further Federal Reserve tightening, creating additional headwinds through higher bond yields and a stronger dollar," Saxo Bank wrote.Still, the dollar was steady early, with the ICE dollar index last seen down 0.02 points to 100.93. Treasury yields rose, with the US two-year note last seen paying 4.235%, up 1.9 points, while the yield on the 10-year note was up 2.1 points to 4,583%

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