Gold seems to have entered a consolidation phase around $3,400 per troy ounce, giving up some gains after previous highs over $3,410. The announcement that the United States would tax one-kilo and 100-ounce gold bars is also supportive of the precious metal.
Fundamental Overview
Investors remain on edge amid US President Donald Trump's fresh tariff threats, which add a layer of uncertainty in the markets and might continue to underpin the Gold price. Furthermore, the growing acceptance that the Federal Reserve (Fed) will resume its rate-cutting cycle in September might keep a lid on any meaningful USD recovery. This should limit losses for the non-yielding yellow metal and warrants caution for bears.
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