Gold prices remain in a downtrend after a fragile ceasefire between Iran and Israel eased geopolitical tensions in the Middle East, reducing demand for safe haven assets. Gold was trading almost unchanged at around $3,325 per ounce in early Asia, after closing down 1.3% the previous day. Although the conflict has eased, global uncertainty, trade tensions, and expectations of interest rate cuts remain supporting factors for gold prices which have risen 27% so far this year.
On the other hand, weakening US consumer confidence in June added to market concerns about the economic impact of President Trump's tariff policy. The data reinforced speculation that the Fed may ease its monetary policy again in the coming months, although Chairman Jerome Powell remained cautious. Lower interest rates are generally beneficial for gold because they do not provide yields. Currently, gold is moving in a consolidation range of $3,300–$3,400, with the market remaining vigilant in awaiting the direction of further monetary policy. (ayu)
Source: Newsmaker.id
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