Gold Prices Solid on Its Fundamentals
0950 GMT – Gold prices appear solid on fundamentals, Julius Baer's Carsten Menke say in a commentary. The gold market showed a remarkably negative reaction to the de-escalation of the Israel Iran conflict, with prices briefly dipping below US$3,300 an ounce, Menke says. 'Considering the conflict's limited impact on the market, a longer-lasting correction seems very unlikely,' he says. Menke adds that the fundamentals backdrop for gold remains favorable, although a short-term and market-mood-driven consolidation is possible. Gold is flat at US$3323.85 an ounce. (tracy.qu@wsj.com)
0729 GMT – Gold futures tick up, recovering some ground after a sharp selloff on Monday and Tuesday. Futures are up 0.3% at $3,342.50 a troy ounce, though they remain 1.9% lower on week. The precious metal slid earlier in the week on the news that Israel and Iran had agreed to a cease-fire, lowering safe-haven demand. Gold gave up all gains made since Israel first launched strikes on Iran's nuclear facilities in mid-June. While the yellow metal has gained around 26.5% year-to-date on central bank buying and trade uncertainty, the rally has stalled in recent months, MUFG analysts say in a note. Weak U.S. consumer confidence figures in June added to economic concerns and potentially paves the way for interest rate cuts, though Federal Reserve Chair Jerome Powell remains cautious, analysts write. (joseph.hoppe@wsj.com)
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