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China's gold imports set a fresh two-year high in June, with the plunge in international gold prices making the yellow metal even more attractive in the world's biggest market for bullion.
Gold's inability to hold gains above $4,100 an ounce continues to highlight near-term downside risks. However, an expert at the world's largest asset manager continues to recommend investors maintain some exposure to the precious metal.
Metals and mining stocks continue to carve out important lows, similar to the pattern seen in 2006 before their longer-term uptrends resumed.
Gold prices are trading near their session highs on Friday morning after the latest data showed the U.S. housing market improving in June.New home sales rose 1.6% last month, lower than the expected 3.4% increase, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced.
China's resilience in the face of the U.S.-Iranian conflict has one strategist saying that gold will be the big winner and the U.S. dollar the loser from the revolution in the world order.
ECB policy, Fed expectations and resilient central bank demand shape the outlook for gold and silver. Explore today's XAUUSD and XAGUSD forecast.
Gold declined in early Asian trade. The dollar's rebound this week has caught up with the yellow metal, XM said.
Although gold continues to struggle near $4,000, support is holding, and retail investors are showing little sign of capitulation, according to one market expert, who said the current selling reflects disciplined profit-taking rather than financial distress.
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