Daily Market Report
➢ Muted Gold Movement: Gold (XAU/USD) trades in a tight range near $3,300 as markets
weigh mixed US economic data and Powell’s Congressional testimony.
➢ Weak US Housing Data: US New Home Sales for May fell to 623,000 vs. expected 690,000,
with a 13.7% monthly drop, signaling housing sector strain.
➢ Hawkish Fed Stance: Fed Chair Powell maintains an optimistic tone about the economy
and reiterates no urgency for rate cuts, keeping Gold under pressure.
➢ Inflation Uncertainty: Powell highlights uneven inflation and potential upcoming tariff-
related price pressures, reinforcing a cautious, data-dependent Fed approach.
➢ Consumer Confidence Falls: The US Consumer Confidence Index dropped to 93.0 in June,
raising concerns over future consumer spending and economic growth.
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