Gold moves higher against the US Dollar (USD) on Tuesday as traders digest mixed US Retail Sales data and monitor escalating tensions in the Middle East. At the time of writing, XAU/USD is trading around $3,392, supported by rising safe-haven demand amid renewed geopolitical risks. The latest US Retail Sales report delivered mixed signals. Headline sales fell 0.9% in May, a steeper drop than the expected 0.7% decline and the sharpest contraction since early 2024. Sales excluding autos also declined 0.3%, indicating broad-based consumer weakness. However, the control group, which directly...
Oil prices climbed on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures gained $2.11, or 2.88%, to $75.35 a barrel by 10:44 a.m. CDT (1544 GMT). U.S. West Texas Intermediate crude was up $1.43, or 1.99%, at $73.20. Both contracts rose more than 3% early in the session but retreated in volatile trade before bouncing back. While there was no noticeable interruption to oil flows, Iran partially suspended gas production at the South Pars field it shares with...
Gold prices retreated below the $3,400 level on Tuesday despite deteriorating risk appetite as overall US Dollar (USD) strength drove the yellow metal lower. Nevertheless, the escalation of the Israel–Iran conflict would likely underpin the precious metal due to its safe-haven appeal. At the time of writing, XAU/USD trades at $3,380, down 0.05%. Market mood is downbeat, but Bullion has failed to rally as the US Dollar stages a comeback. The US Dollar Index (DXY), which tracks the performance of the Dollar against six major currencies, is up 0.46% at 98.58. On Monday, US President Donald...