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Gold edges higher as Hormuz delays, US CPI keep traders cautious
Gold (XAU/USD) price edges up at the beginning of the week as the reopening of the Strait of Hormuz faces delays due to demands from Iran to the US, and is capped by the modest strength of the Greenback, with traders eyeing the release of crucial US inflation data.
Fxstreet
Mon, Aug 10
WTI Oil jumps over 3% as Iran sets conditions for Strait of Hormuz reopening
West Texas Intermediate (WTI) US Oil rises 3.20% on Monday and trades around $78.80 at the time of writing. Oil prices retain strong daily gains, supported by uncertainty surrounding the reopening of the Strait of Hormuz and persistent tensions in the Middle East.
Gold holds firm as Fed rate outlook, Middle East developments remain in focus
Gold (XAU/USD) holds firm on Monday as buyers take a breather following last week’s sharp rally, with the broader market theme still centred on the Federal Reserve’s (Fed) interest-rate outlook and developments in the Middle East.Fxstreet
Mon, Aug 10
Gold: Central bank demand underpins rally – ING
ING’s Ewa Manthey and Warren Patterson report that Gold extended its rally as the People’s Bank of China (PBoC) added 640koz to reserves, marking 21 consecutive months of accumulation. Spot Gold moved above $4,320/oz, supported by ongoing central bank buying and stronger Chinese ETF demand.Fxstreet
Mon, Aug 10
WTI comes off from day’s high as investors seeks clarity on Hormuz reopening
West Texas Intermediate (WTI), futures on NYMEX, gives back some of its early gains, but it still 1.6% higher at around $77.55 during the European trading session on Monday. The oil price retreats from its day’s high as fears of a prolonged global energy supply disruption have escalated.Silver Price Forecast: XAG/USD starts US CPI week on flat note around $63.50
Silver price (XAG/USD) trades in a tight range at around $63.50 during the Asian trading session at the start of the week. The white metal struggles for a direction but is close to an almost seven-week high of $65.16 posted on Friday.Fxstreet
Mon, Aug 10
Gold retreats from June 17 highest amid USD uptick; holds above $4,300 pivotal support
Gold (XAU/USD) drifts lower at the start of a new week and moves away from its highest level since June 17, touched on Friday following the disappointing release of the US Nonfarm Payrolls (NFP) report.Fxstreet
Mon, Aug 10
Gold vs Bitcoin Price Prediction: Recovery gains traction after unexpected decline in NFP
Gold (XAU/USD) is gaining momentum on Friday, trading above $4,350 after the United States (US) Bureau of Labor Statistics (BLS) released the Nonfarm Payrolls (NFP) report. Bitcoin (BTC) shows signs of a steady recovery above $65,000, buoyed by growing risk-on sentiment.
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