Comex Gold (XAU/USD) prices took a break from their three-day rise, dropping about 1% in the latest trading session. This dip came after the U.S. released stronger-than-expected job growth numbers, which made gold less attractive to investors.
A stronger U.S. dollar and higher interest rates also encouraged some traders to cash in their profits. Keep an eye on these market shifts if you’re following gold!
- Gold price is pressured by positive risk tone, modest USD uptick
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Nymex Crude Oil
Nymex Crude Oil edged lower ahead of the U.S. Independence Day holiday, as investors locked in gains. Prices remain under pressure on reports that the U.S plans to restart nuclear talks with Iran, which will reduce the supply concerns.
Comex Copper
Comex Copper dropped over 1% after hitting a multi-month high, with profit-taking driven by recent supply-side issues that had raised fears of tighter supply
Nymex Natural Gas
Nymex Natural Gas fell ~3% in the last session as the surprise build-up in the inventory data led to a sell-off in the counter
Gold price regains positive traction and reverses a part of Thursday’s upbeat NFP-inspired losses. US fiscal concerns weigh on the USD and lend support to the commodity amid trade uncertainties. Holiday-thinned liquidity might hold back the XAU/USD traders from placing fresh directional bets.
