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Gold slips as USD steadies, $4,100 becomes key support
Gold holds above $4,100 despite a weaker week outlook, while Fed hike bets in 2026 and US-Iran tensions keep sentiment choppy.
Gold prices edged lower as fresh sellers trimmed part of the previous session’s gains, leaving bullion above the $4,100 level heading into the European trading period, FXStreet reported.
The dollar bounced off a more than one-week low after investors digested minutes from the June 16 to 17 FOMC meeting, which showed policymakers were divided but many indicated the federal funds rate would likely be within or slightly below the current target range by year end.
FXStreet also pointed to FedWatch pricing for roughly an 85.0% probability of at least one rate hike by year end, a backdrop that can pressure non-yielding bullion.
Geopolitical risk around the US and Iran added another layer, with CENTCOM saying it carried out airstrikes hitting 90 Iranian military targets and Iran retaliating with missiles and drones, though market anxiety eased after reports of potential talks. FXStreet said gold remains on track for modest weekly losses and could face renewed downside if near-term momentum does not improve.
Latest closeGold $4,131.40 ▲1.5%