Geopolitical Impact: Gold was supported by reports that the US and Iran may resume dialogue channels. The temporary easing of geopolitical risks helped reduce market concerns over an energy shock. This is a positive factor for gold as the opportunity cost of holding non-yielding assets decreases.
Macroeconomic Pressures: However, gold’s upward momentum may face significant headwinds, particularly as the market has not fully abandoned expectations that the Fed will maintain a tighter monetary policy for longer than anticipated. Recent US economic data reinforce this view:
Business activity rose to a multi-month high.
New home sales improved.
Initial jobless claims remained low.
These indicators demonstrate that the US economy maintains strong resilience, somewhat overshadowing the impact of previously cooling inflation figures.
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