Gold Holds Above 4,400 USD Amid Dollar Weakness
Gold has reclaimed the $4,400 level amid a weaker dollar and oil prices exceeding $100, driven by escalating Middle East tensions. Market focus shifts to upcoming US inflation data, with traders currently betting on a higher probability of a Fed rate hike rather than a cut.
New details from the GN auto markets/commodities feed highlight that spot gold climbed 1.4% to $4,414.30, driven by oil topping $100 and a dollar near two-week lows. Traders are now pricing in a 60% probability of a Federal Reserve rate hike next week as they await Thursday's PPI and Friday's CPI releases.
Source: GN auto markets/commodities: gold pricesAccording to GN auto markets/commodities, the metal has snapped a three-day losing streak in the early Asian session, with technical analysis identifying $4,465 as the immediate resistance level and $4,345 as key support. The report also highlights that renewed Middle East tensions, including recent attacks on shipping, are fueling inflation concerns and raising the probability of a Fed rate hike next week.
Source: GN auto markets/commodities: gold pricesSpot gold maintains its position near $4,407 per ounce, buoyed by a 0.3% decline in the US dollar, as traders await imminent inflation data that could reshape Federal Reserve expectations.
Source: Gold (Google News)
