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FUNDAMENTALS
Spot gold was down 0.4% at $4,000.55 per ounce, as of 0058 GMT, after hitting a two-week low on Friday and posting a 2.5% weekly loss. U.S. gold futures for August delivery eased 0.3% to $4,005.9.
Asian share markets were hesitant on Monday ahead of a packed week of major tech earnings that will further test investor faith in the AI momentum. [MKTS/GLOB]
Oil prices jumped 3%, with Brent surpassing $90 a barrel. [O/R]
The U.S. said it had completed a ninth consecutive night of attacks against Iran after earlier announcing that at least two U.S. military personnel were killed in Jordan, while U.S. allies in the region reported more Iranian attacks on Sunday.
Cleveland Fed President Beth Hammack added her voice to a growing chorus of policymakers arguing interest rates may need to rise to beat back persistent inflation, setting up a charged debate at the Fed’s next meeting and the possibility of dissents at Chairman Kevin Warsh’s second meeting at the helm.
U.S. consumer sentiment increased to a five-month high in July, but the improvement is likely temporary as renewed conflict in the Middle East raises gasoline prices.High interest rates increase the opportunity cost of holding non-yielding assets such as gold.
COMEX gold speculators raised net long position by 4,294 contracts to 119,147 in week ended July 14, CFTC data showed. [CFTC/]
Gold discounts in India widened last week to a one-month high as weak jewellery demand and hopes of lower prices kept buyers on the sidelines, while premiums in China were largely steady on muted retail demand. [GOL/AS]
Elsewhere, spot silver gained 0.9% to $56.42 per ounce, platinum was up 0.1% at $1,592.97 and palladium rose 0.3% to $1,251.74.
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https://economictimes.indiatimes.com/markets/commodities/news/gold-slips-as-oil-prices-advance-fed-rate-hike-voices-grow/articleshow/132504087.cms
