Gold Holds Steady Near $4,000 Amid Weaker US Dollar and Rising Treasury Yields

Gold prices remain near the critical $4,000 level as the US dollar weakens, but Treasury yields and resilient employment data limit the metal's upside. The recent US economic figures indicate cooling momentum, but strong labor market data may reduce the Federal Reserve's urgency to ease monetary policy.

The Strait of Hormuz remains a major risk factor for gold demand, with any renewed military threats or aggressive rhetoric potentially reversing market sentiment. The upcoming US non-farm payroll report is expected to be a key catalyst for gold prices, with potential implications for interest rates and Treasury yields.

Chinese gold imports reached approximately 173 tonnes in June, the strongest monthly inflow since March 2024. However, broader wholesale demand remains relatively subdued compared with historical levels, suggesting that physical-demand support may not be sufficient to generate another powerful gold rally.