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Gold Closes Upward as Dollar Stabilizes
Gold prices have risen for the fourth consecutive session, reaching their highest levels in about seven weeks, supported by a decline in the dollar and expectations of easing pressure on U.S. monetary policy tightening. The spot price increased to $4,254.98 per ounce, while U.S. futures contracts rose to $4,312.80. This development comes amid growing hopes for a diplomatic understanding between Iran and Oman regarding the reopening of the Strait of Hormuz, which reduces energy supply risks and limits global inflation. U.S. employment data for July remains the most important indicator in guiding interest rate paths, with rate hike expectations decreasing to 55% from 67%, ahead of the non-farm payrolls report due at the end of the week. Despite recent gains, gold remains 19% below its pre-U.S.-Iran escalation levels in February, with the dollar stabilizing despite Japanese and American interventions to support the yen, and expectations that bets on further rate hikes will persist if economic data shows strength in the U.S. economy.
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