GOLD - XAU/USD
Gold advanced 1.19% to above $5,010/oz, reaching its highest level in over
a week as markets positioned ahead of key U.S. labour and inflation data.
Support came from expectations that upcoming data could delay Fed rate cuts,
alongside a weaker yen following Japan’s political shift and sustained
central-bank demand, with China extending gold purchases into a 15th
consecutive months.
Geopolitical risk eased modestly after U.S.–Iran talks concluded with an
agreement to continue negotiations, though uncertainty remains. Market
focus is now on Fed Governor Waller’s speech, the primary USD catalyst
ahead of delayed CPI.
Bottom Line: Gold is supported by macro uncertainty, dovish Japan dynamics,
and persistent central-bank accumulation.
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