Gold's resistance at $2,520 per ounce reflects underlying economic pressures, including stagnant inflation and rising Treasury yields, which are limiting further gains for the metal.
While the core Personal Consumption Expenditures Price Index indicates stable inflation at 2.6%, rising Treasury yields are pushing gold prices down, despite geopolitical tensions in the Middle East.
With ongoing conflicts and negotiations failing to yield a ceasefire in Gaza, tensions in the Middle East remain a crucial driver for gold's safe haven appeal amid economic uncertainties.
The market's current expectations of a 70% chance for a rate cut in September may be overshadowed by rising interest rates, impacting precious metals like gold.
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