Commodities
Gold Stabilizes Near $4,400 Amid Weaker US Data and Middle East Tensions
Gold prices have stabilized near $4,400 as weaker US economic data and Middle East tensions boost demand for safe-haven assets.
The precious metal is currently trading around $4,390 after a weak retail sales report in the US, with July's numbers showing a 0.6% drop, the first decline in nine months, and core retail sales also falling.
Additionally, the University of Michigan preliminary Consumer Sentiment Index dipped to 51.0 in August, below forecasts of 54.5, further tempering expectations for tighter Federal Reserve policy.
The Fed's July meeting minutes are due on August 19, and markets are looking for signs of a more dovish stance, which could cap treasury yields and support gold prices.