Spot Gold extended its upward momentum during last night’s US trading session, hitting an intraday peak of $4,394.86 per troy ounce, the highest level since June 8, and finally closed at $4,390.03 per troy ounce, up 1.13%. Spot Silver surged to a high of $65.992 per troy ounce and settled at $65.666 per troy ounce, posting a 3.58% gain.

Spot Gold opened at $4,390.25 per troy ounce in the ASIan session today (Tuesday), with an intraday low of $4,388.42 per troy ounce. Gold kept climbing in early ASIan trading and broke above the $4,400 mark, reaching a maximum of $4,434.80 per troy ounce. As of press time, the price was consolidating around the $4,432 level, rising 0.96% on the day.

The US Dollar Index dipped briefly last night before rebounding further to a high of 99.83, closing at 99.81 with a 0.21% increase. US Treasury yields rose across the board: the 2-year US Treasury yield climbed 4 bASIs points to finish at 4.244%; the 10-year yield added 4.9 bASIs points to 4.707%; and the 30-year yield rose 4.4 bASIs points, settling at 5.254%.

The two major international crude oil benchmarks continued to rally amid volatility. WTI Crude Oil closed at $82.31 per barrel, up 6.85%; Brent Crude Oil settled at $87.86 per barrel, rising 6.92%; US Natural Gas CFD ended at $2.781 per MMBtu, with a 4.04% gain.

The three major US stock indices closed lower collectively last night. At the closing bell, the Dow Jones Industrial Average fell 61.30 points, or 0.11%, to 53,975.63; the S&P 500 Index dropped 4.62 points, or 0.06%, to 7,753.02; and the Nasdaq Composite Index lost 85.26 points, or 0.32%, to 26,605.36.

Major European stock indices closed mixed. Germany’s DAX 30 fell 0.10% to 26,328.67; the UK FTSE 100 declined 0.36% to 10,861.82; France’s CAC 40 edged up 0.13% to 8,726.03; the Euro Stoxx 50 rose 0.16% to 6,534.25; Spain’s IBEX 35 slipped 0.16% to 20,155.69; and Italy’s FTSE MIB dropped 0.15% to 53,634.00.

Gold (T+D) on the Shanghai Gold Exchange closed 0.69% higher at 947.62 yuan per gram last night, while Silver (T+D) rose 1.79% to 15,830.0 yuan per kilogram. In early trading today, Gold (T+D) jumped 1.5% to 955.26 yuan per gram at the opening bell, and Silver (T+D) gained 2.44% to 15,931.0 yuan per kilogram.

The world’s largest gold ETF, SPDR Gold Trust, increased its holdings by 3.423 tonnes from the previous trading day, with current holdings standing at 1,020.96 tonnes. The globe’s biggest silver ETF, iShares Silver Trust, added 33.73 tonnes, bringing its total holdings to 15,206.72 tonnes.

Today’s central parity rates of RMB in the foreign exchange market are as follows: USD/CNY quoted at 6.7900, up 16 pips (RMB depreciation); EUR/CNY at 7.8153, down 18 pips; HKD/CNY at 0.8655, up 1.4 pips; GBP/CNY at 9.1456, up 222 pips; AUD/CNY at 4.7764, up 7 pips; CAD/CNY at 4.8550, up 97 pips; 100 JPY/CNY at 4.2567, down 300 pips; CNY/RUB at 12.2302, up 576 pips; NZD/CNY at 3.9828, up 36 pips; CNY/MYR at 0.60365, down 0.1 pips; CHF/CNY at 8.3617, down 82 pips; SGD/CNY at 5.2876, down 45 pips.

On market news, US President Donald Trump has once again piled pressure on the Federal Reserve, seeking to remove Cook over unsubstantiated mortgage fraud allegations. Cook was appointed by former US President Joe Biden in 2022, with his term as Fed Governor set to expire in 2038. Should the White House succeed in ousting Cook, it would not only undermine the Fed’s independence but also set a precedent for the administration to dismiss other board members on similar grounds.

Fed official Hammack stated that multiple interest rate hikes may be required to bring down inflation, and July’s employment data will not shift the central bank’s focus on curbing inflation. Trump denied having frequent phone calls with Wash, noting he has only spoken to Wash once since the latter took office.

Supported by uncertainties over the prospective full reopening of the Strait of Hormuz and peRSIstent tensions across the Middle East, Iran reiterated its preconditions for fully reopening the waterway: an end to US naval blockades, the withdrawal of US naval and air forces from Iran’s surrounding areas, compensation for damages incurred from recent conflicts, the lifting of sanctions, and the unconditional unfreezing of Iranian assets.

Reports state that the Iran-backed Houthi movement in Yemen claimed responsibility for a drone attack targeting a Saudi Aramco oil refinery in Saudi Arabia. Attacks on critical energy infrastructure have amplified market concerns over regional oil supply security.

As drone warfare between Russia and Ukraine continues to escalate, NATO’s eastern flank member states have begun reassessing infrastructure security risks, with Europe stepping up defenses against potential Russian sabotage operations. Russia has recently repeatedly accused the Baltic states of aiding Ukraine. Moscow may leverage Ukrainian drones to launch false flag operations against its NATO neighbors including Poland, Lithuania, Latvia and Estonia, as a way to test NATO’s response.

On the daily gold price chart, gold has registered a sustained rebound rally, firmly standing above the $4,400 threshold and breaking through the 100-day moving average, reflecting mounting bullish sentiment. From daily technical indicators, the 5-day, 10-day and 20-day moving averages maintain an upward bullish alignment; the positive MACD histogram is gradually expanding, while the RSI indicator has climbed close to the 70 overbought level.

On the 4-hour gold chart, the price is trending upward with volatility between the middle and upper BOLLinger Bands. Short-term EMA5 and EMA10 stay in a bullish upward formation, the MACD positive histogram remains robust, and the RSI indicator hovers above the overbought zone near the 74 level. Intraday short-term trading guidance: First watch gold’s range-bound movement between $4,380 and $4,450. A breakout to the upside will target $4,465–$4,475 or the vicinity of $4,485; downside support targets are $4,365–$4,350 or around $4,330.

Key economic data and events to focus on today:

12:30 RBA releases Cash Rate Decision and Monetary Policy Statement

13:30 RBA Governor Michele Bullock holds a press conference

18:00 US NFIB Small Business Optimism Index (July)

20:15 US ADP Nonfarm Employment Change for the week ending July 25

22:00 US Pending Home Sales Annualized Total (July)

00:00 (Next Day) EIA releases Monthly Short-Term Energy Outlook Report

04:30 (Next Day) US API Weekly Crude Oil Inventories for the week ending August 7

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