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Today Fundamental Analysis: Gold’s Rally Continues as Price Nears $4,700
Gold reached its highest level in three months as it surged to $4,697 an ounce. Prices later corrected downward as the US dollar strengthened amid renewed risk-off sentiment. Higher oil prices are also pushing US Treasury yields higher, which puts additional pressure on gold. However, the downside could remain limited as expectations for a September Fed rate hike have declined, while strong physical demand from central banks continues to support the market.
In the US, equity futures were mostly flat early Tuesday ahead of Nvidia’s earnings and July PCE inflation data, both due Wednesday. Investors are particularly focused on Nvidia’s earnings, which could determine the near-term direction of technology and AI-related stocks. Meanwhile, July PCE inflation data will provide further clues about the Federal Reserve’s rate outlook. Attention will then shift to Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday, which could influence both bond yields and equity-market volatility.
US Treasury Secretary Scott Bessent announced expanded secondary sanctions targeting Iran’s economic relationships.
In the crypto market, Bitcoin surged above the key $80,000 level, extending its strongest rally in years. The move follows a more than 24% three-day surge last week, initially driven by a major short squeeze that liquidated over $4 billion in bearish crypto positions.
The rally has been supported by the US Treasury’s increased purchases of long-term government bonds. Concerns over inflation and rising government debt have also encouraged investors to seek scarce assets such as Bitcoin.
Institutional demand has strengthened significantly, with US spot Bitcoin ETFs attracting more than $1.9 billion in net inflows last week.
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