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Gold prices slide further as oil jumps and Middle East tensions rise
Gold dropped to 4,033 USD per ounce, extending losses even after weaker US inflation data, while the interim peace deal is reported to have lapsed.
Gold prices fell to 4,033 USD per ounce on Thursday, extending a losing streak as oil prices rose sharply amid intensified attacks in the Middle East, reviving inflation concerns and expectations of tighter central bank policy, Action Forex said.
The outlet pointed to new US strikes on Iranian targets on Wednesday and said Donald Trump stated Tehran had signaled readiness to return to negotiations, which eased the geopolitical temperature somewhat.
Some support for gold came from softer US inflation data, including June producer prices that unexpectedly fell for the first time in nearly a year, driven largely by cheaper energy, and also from weaker consumer inflation released earlier. However, Action Forex noted that those June figures would not yet reflect the effects of renewed US-Iran conflict.
Action Forex added that the interim peace deal reached last month has effectively lapsed, keeping risks of accelerating inflation and further pressure on gold in focus. It also cited chart signals suggesting downside momentum, with the H4 outlook pointing to potential movement toward 3,920 USD and possible resistance around 4,055 USD.
Latest closeGold $4,067.10 ▲0.1%