Gold prices are showing resilience, hovering near highs amidst favorable fundamentals. Stability in the U.S. dollar and treasury yields is limiting intraday gains but may not last.
The upcoming U.S. GDP figures for Q2 and PCE Price Index data are crucial. They could influence the Fed's potential interest rate cut, which may lead to significant volatility in gold prices.
Last week, Fed Chair Powell signaled a likely interest rate cut for September, adding to the bullish outlook for gold, underpinned by concerns over economic growth.
Geopolitical tensions, especially in the Middle East, are increasing gold's attractiveness as a safe-haven asset. Escalations in these areas may further propel gold's upward momentum.
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