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Gold slips to $4,043 amid monthly gain
Gold prices declined during last week's trading sessions, dropping over 1.5% to close at $4,043 per ounce, due to the recovery of the US dollar and rising US Treasury yields. Despite this, gold recorded its first monthly gain since February, increasing by approximately 0.5%. The downward pressure on prices was driven by the improved performance of the dollar and bond yields, with the rise in bond yields to 4.75% making interest-bearing assets more attractive and weakening demand for non-yielding gold. Data also showed a slowdown in US GDP growth to 1.5% in the second quarter and a reduction in inflation to 3.3%, while expectations of a 60-65% chance of a rate hike in September persisted. Geopolitical tensions in the Middle East, particularly between the United States and Iran, pushed oil prices above $84 per barrel, fueling concerns over inflationary pressures and expectations of further monetary tightening, which in turn put pressure on gold prices. Technically, prices failed to consolidate above the $4,100 level and the Relative Strength Index (RSI) indicated weak momentum. The first support is at $4,022; breaking below this could lead to a decline toward $3,959. Geopolitical developments will remain a key factor influencing market movements, especially with possible increases in oil prices and rising inflation pressures. On the local level, gold prices were affected by global fluctuations, with the price of 24-karat gold approximately $132 per gram, 22-karat around $121 per gram, and a kilogram of silver reaching about $2,202. The continuing impact of global market trends is expected to influence domestic prices throughout the week.
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