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Gold slides after Trump says US-Iran ceasefire is over

XAU/USD was around $4,103, down 0.5%, as Treasury yields jumped to 4.569% on renewed energy price concerns.

Reported · Written up by our desk · Precious Metals

Gold retreated during the North American session, driven by US President Donald Trump’s statement that the US-Iran ceasefire is over even as the two sides resume talks. FXStreet said the XAU/USD pair was trading near $4,103, down 0.48%, and was on track for a week decline of about 0.51%.

The greenback firmed after earlier losses, with the US Dollar Index holding around 100.94. FXStreet linked the pressure on bullion to a rise in Treasury yields, noting the 10-year T-note was up 2 basis points to 4.569% as investors priced in the risk of higher energy costs and potential knock-on effects for interest rates.

FXStreet added that money markets were pricing an 80% chance of a Federal Reserve rate increase at the September meeting, while the odds for a July 29 hike were below 34% based on Prime Terminal data. The week’s key US catalyst, the latest FOMC minutes, was scrutinized for the absence of forward guidance, and the minutes highlighted concern about inflation.

Technical factors also weighed on gold, according to FXStreet, including a pattern of lower highs and lower lows, declining momentum with the RSI in bearish territory, and XAU trading below its 200-day simple moving average at $4,493. The outlet cited first support near the July 8 swing low at $4,021.

Latest closeGold $4,128.90 ▼0.0%|Dollar index 100.97 ▲0.0%

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