Gold (XAU/USD) is edging higher on Tuesday after finding strong support near the $3,350 region, reversing an earlier pullback. The yellow metal had been drifting lower through the European session, struggling to extend Monday's rebound amid a firmer risk tone and a modest uptick in US Treasury yields.
However, buyers stepped in near the 50-day Simple Moving Average (SMA), lifting prices off intraday lows. The recovery is being supported by continued weakness in the US Dollar, as markets maintain a strong conviction that the Federal Reserve will cut rates in September.
At the time of writing, XAU/USD is ticking lower, hovering around $3,380 during American trading hours, up 0.25% on the day.
Investors are turning their attention to trade-related headlines, particularly developments surrounding US tariffs, which could inject fresh volatility into global markets.
On the data front, it is a relatively quiet day. The S&P Global Services Purchasing Managers Index (PMI) for July came in at 55.7, slightly beating expectations of 55.2, while the Composite PMI rose to 55.1 from 54.6, signaling continued resilience in private sector activity. However, the ISM Services PMI disappointed, easing to 50.1 versus forecasts of 51.5, as new orders and employment components both softened.
The broader market tone remains risk-on, limiting Gold's safe-haven appeal for now.
Source: Fxstreet
Gold futures retreat on rising risk-sentiment, though they remain higher on week. Futures are down 0.6% at $3,407.0 a troy ounce, though they remain up around 2.5% on week following Friday's weaker-th...
Gold prices steadied on Tuesday, hovering near a two-week high hit in the last session, as softer U.S. jobs data bolstered hopes of a rate cut in September and weighed on the dollar, and Treasury yiel...
Gold prices held steady on Tuesday (August 5), near a more than one-week high reached in the last session, as weaker US employment data reinforced expectations of a Federal Reserve interest rate cut i...
Gold edged higher early in the Asian session, boosted by growing expectations of a US interest rate cut next month. However, "without a clear shift in dovishness from the Fed, which has yet to materia...
Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday's dismal US Nonfarm Payrolls report. The ...
President Donald Trump announced Tuesday that Scott Bessent has declined consideration for Federal Reserve Chair while praising "both Kevins" - Kevin Warsh and Kevin Hassett - as "very good" candidates for the position. Speaking on CNBC, Trump...
European shares closed higher on Tuesday, buoyed by better-than-expected corporate earnings and renewed optimism that the Federal Reserve may cut interest rates next month. The pan-European STOXX 600 index edged up 0.15%, with most regional...
The USD/JPY pair trades 0.35% higher to near 147.70 during the European trading session on Tuesday. The pair gains after attracting significant bids after refreshing the 10-day low around 146.60 earlier in the day. An underperformance by the...
European stock markets opened positively this week, with the Euro Stoxx 50 up 0.6% and the broader Stoxx 600 up 0.2%. This rebound follows a sharp...
White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, dismissing criticism...
The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald...
Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away.
Without a deal,...