Gold Prices Stuck in Range Amid Market Slump as USD Holds Up
- Gold prices unable to break range even as yields drop in risk-off trade.
- Broadly resilient US Dollar might be capping scope for anti-fiat gains.
- Crude oil prices continue to sink after telltale trend line support break.
Gold prices surged as risk appetite withered across global financial markets. That pushed bond yields down alongside stocks, boosting the appeal of non-interest-bearing alternatives including the yellow metal. Sentiment-sensitive crude oil prices fell in line with the broader risk-off push.
The defensive mood emerged at the opening of European trade as traders there took their turn to respond to the latest trade war threat from US President Donald Trump. He poured cold water on hopes for a US-China détente after talks resumed at a G20 meeting in June, saying more tariffs could be imposed.
Soggy US economic data as well as a round of worrying earnings reports – notably from Netflix and freight operator CSX – extended the selloff into Wall Street trade. The catch-all MSCI World Stock Index suffered its largest daily drop in over a week.
- Gold prices unable to break range even as yields drop in risk-off trade.
- Broadly resilient US Dollar might be capping scope for anti-fiat gains.
- Crude oil prices continue to sink after telltale trend line support break.
Gold prices surged as risk appetite withered across global financial markets. That pushed bond yields down alongside stocks, boosting the appeal of non-interest-bearing alternatives including the yellow metal. Sentiment-sensitive crude oil prices fell in line with the broader risk-off push.
The defensive mood emerged at the opening of European trade as traders there took their turn to respond to the latest trade war threat from US President Donald Trump. He poured cold water on hopes for a US-China détente after talks resumed at a G20 meeting in June, saying more tariffs could be imposed.
Soggy US economic data as well as a round of worrying earnings reports – notably from Netflix and freight operator CSX – extended the selloff into Wall Street trade. The catch-all MSCI World Stock Index suffered its largest daily drop in over a week.