Rising bond yields and the strength of the U.S. dollar in recent days continue to weigh on sentiment in the gold market. Monday brings a modest rebound in gold prices, with the metal recovering to around $4,320 per ounce after falling to $4,270 earlier in the session.
- Oil prices have erased most of the gains driven by geopolitical tensions in the Middle East, which is also limiting further upside in the U.S. dollar today.
- President Trump stated that a deal with Iran is close and reportedly urged Israel not to respond to Tehran’s latest attack, which involved several strikes on targets in Israel following the continuation of Israel’s military operations in Lebanon.
- Ed Yardeni believes gold could decline to $4,000 per ounce in the near term but remains constructive on the long-term outlook. He noted that the precious metal could reach around $5,500 per ounce by the end of the decade.
- Gold has recorded its largest one-day decline since March and its worst weekly performance since late March. A stronger-than-expected U.S. labor market report released last Friday has increased the opportunity cost of holding gold, adding pressure to prices.
Gold (D1 interval)
Gold has fallen below its 200-day moving average (around $4,445 per ounce), a technically negative signal that suggests a potential shift in trend. The recent sell-off challenges the popular belief that gold always acts as a safe-haven asset during periods of geopolitical tension. Despite the surge in oil prices and the conflict involving Iran, the primary beneficiaries so far have been the U.S. dollar and Wall Street equities, supported by the market’s unwavering confidence in the AI-driven growth narrative.
Source: xStation5
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