Gold Holds Steady at $4,060 Amid Geopolitical Risks
Gold prices held steady around $4,060 an ounce on Tuesday as investors weighed geopolitical risks against expectations of higher US interest rates. Despite some technical chart indicators showing buyers gaining momentum, gold must clear a key resistance zone between $4,100 and $4,110 before the short-term outlook turns decisively bullish.
The spot price of gold rose 0.2% to $4,062.41 an ounce by 5:04 am GMT on August 4, while US gold futures gained 0.7% to $4,117.50. Traders were balancing uncertainty over possible US-Iran negotiations against a roughly 65% market-implied probability of a Federal Reserve rate increase in September.
The next key catalyst is the June Job Openings and Labor Turnover Survey, scheduled for 10 am Eastern time on Tuesday. Weaker labor demand could pressure the dollar and Treasury yields, helping gold, while stronger data could reinforce expectations for tighter monetary policy.