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Bullion holds near US$4,000 an ounce, after giving up nearly 2% in the last two sessions
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[SINGAPORE] Gold was steady on Wednesday (Jul 1) with traders assessing peace talks between the US and Iran and weighing a fresh slew of US economic data for clues on the Federal Reserve’s next move on interest rates.
Bullion held near US$4,000 an ounce, having given up almost 2 per cent in the last two sessions.
Two envoys for US President Donald Trump arrived in Doha as part of ongoing negotiations with Iran, but mediator Qatar downplayed prospects for a major breakthrough and said the officials were not set to meet directly with their Iranian counterparts.
Raising the stakes ahead of talks, Iran reiterated its determination to control vessel movement through the Strait of Hormuz, the maritime chokepoint through which a fifth of the world’s oil and liquefied natural gas flowed before the war.
Gold has lost around 24 per cent since the conflict began on Feb 28, breaking through key technical levels including the 200-day moving average that maps long-term momentum.
Though oil prices have retreated after spiking earlier in the war, traders have upped bets that the Fed may hike interest rates this year to tackle inflation. Higher borrowing costs are a headwind for non-yielding metals.
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The latest US economic data, however, pointed to resilience in the American economy. Job openings were little changed in May, suggesting that labour demand remains stable alongside a recent pickup in payroll growth. That gives the Fed more room to hold rates while it assesses the path of inflation.
Spot gold was little changed at US$4,006.73 an ounce at 7.55 am in Singapore. Silver slipped 0.2 per cent to US$58.46 an ounce. Platinum was flat, while palladium edged lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, rose 0.1 per cent. BLOOMBERG
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MDDI (P) 046/10/2024. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2026 SPH Media Limited. All rights reserved.
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