Daily Market Report
➢ Gold hits a fresh high since mid-May, surging above $4,600 as lower bond yields, fading Fed hike bets, and US Treasury buyback plans combine to undermine the USD.
➢ The USD softens below 99.00 on growing US fiscal concerns, with the Dollar Index now at its weakest level in months.
➢ Silver holds bullishly below $70.00, consolidating just under its two-month high set on Friday as precious metals momentum remains intact.
➢ WTI slips below $85.00 as traders take profits ahead of new US sanctions on Iran, with geopolitical risk being partially priced out.
➢ Iran’s foreign minister dismissed the threatened US sanctions as the actions of a “desperate” administration, signalling Tehran has no intention of backing down.
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