Gold prices are trading within a tight range due to balancing acts between geopolitical developments and anticipated US monetary easing. There is significant market positioning with an 84% probability of a 25-basis-point rate cut in September, while investors await remarks from Chair Jerome Powell. Global gold ETFs saw net inflows of 9.9 tonnes recently, primarily from European and North American investments. Gold's upward potential may be constrained by hopeful diplomatic progress in Ukraine and ongoing geopolitical tensions, alongside new gold mining output in Uganda.
Gold prices remained stable as investors weighed geopolitical events against expected US monetary easing. A significant probability exists for a rate cut later this month.
Global gold ETFs witnessed net inflows of 9.9 tonnes, highlighting positive investment interest in Europe and North America despite outflows from Asia.
Diplomatic progress hinted by US President Trump reduced concerns slightly, but ongoing conflicts and military operations in Gaza keep geopolitical risks prominent.
Uganda's inauguration of its first large-scale gold mine is projected to produce 1.2 tonnes of refined gold annually, potentially influencing market dynamics.
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