Gold selling increased the day before due to reports of Scott Bessent being nominated as the next Treasury Secretary. However, yesterday, news of Trump imposing additional tariffs on China caused the U.S. dollar to weaken, which helped gold prices stabilize for now. Still, concerns about rising inflation in the U.S. persist, keeping the upside for gold limited.
Additionally, Israel’s Prime Minister Netanyahu reached a ceasefire agreement with Hezbollah, easing risk-off sentiment for now. While some buying occurred as an adjustment to the previous day’s decline, downward pressure on gold prices continues overall.
Gold/Dollar Forecast Range: 2,650–2,605
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