Spot gold traded sideways during last night’s US session, peaking at $4680.63 per ounce before pulling back and closing at $4651.53 per ounce with its gain narrowed to 0.95%. Spot silver also surged then retreated, finishing at $68.892 per ounce, down 0.03%.

During Tuesday’s ASIan session, spot gold opened at $4653.14 per ounce. It spiked to $4696.34 per ounce early in the session and then fell to a low of $4630.14 per ounce. At press time, gold traded near $4632, down 0.42% intraday.

The US Dollar Index extended its rebound overnight, climbing back above 99 to a high of 99.06 before giving up part of its gain and closing at 98.99, up 0.15%. The 2‑year US Treasury yield rose 0.2 bASIs points to 4.236%, while the 10‑year US Treasury yield dropped 4.1 bASIs points to 4.697%.

Crude oil prices drifted lower. WTI crude closed at $84.92 per barrel, down 1.91%. Brent crude settled at $90.36 per barrel, down 3.85%. US natural gas CFDs closed at $2.802 per MMBtu, up 0.215%.

US major stock indexes finished mixed overnight. The Dow Jones Industrial Average rose 139.98 points or 0.26% to 53416.99. The S&P 500 fell 21.41 points or 0.28% to 7652.96. The Nasdaq Composite dropped 200.26 points or 0.76% to 25980.19.

Major European equity indexes closed mixed. Germany’s DAX 30 fell 0.09% to 26104.29. UK FTSE 100 gained 0.33% to 10851.83. France CAC 40 lost 0.37% to 8453.01. Euro Stoxx 50 declined 0.26% to 6449.15. Spain IBEX 35 advanced 0.70% to 20100.47. Italy FTSE MIB slipped 0.23% to 52545.00.

On the Shanghai Gold Exchange, gold closed up 0.09% at RMB 1000.78 per gram, while Ag(T+D) closed down 0.74% at RMB 16655.0 per kilogram. In early Tuesday trading, Au(T+D) rose 1.16% to RMB 1011.41 per gram and Ag(T+D) gained 0.72% to RMB 16900.0 per kilogram.

Global largest gold ETF SPDR Gold Trust increased holdings by 2.282 tonnes to 1049.489 tonnes. World’s top silver ETF iShares Silver Trust added 103.99 tonnes, with total holdings standing at 15399.26 tonnes.

Today’s central parity rate of RMB: USD/CNY 6.7852 (+11 pips); EUR/CNY 7.8791 (-72 pips); HKD/CNY 0.86587 (+4.5 pips); GBP/CNY 9.2106 (-38 pips); AUD/CNY 4.8302 (-93 pips); CAD/CNY 4.8757 (-162 pips); 100JPY/CNY 4.2518 (-23 pips); RMB/RUB 12.4402 (+1383 pips); NZD/CNY 4.0261 (-59 pips); RMB/MYR 0.59751 (+6.3 pips); CHF/CNY 8.4249 (-88 pips); SGD/CNY 5.3185 (-11 pips).

The PBoC announced overnight reverse‑repo operations from August 27 to September 1 with a daily cap of RMB 600 billion. A one‑year MLF operation worth RMB 500 billion will be conducted on August 25.

The US Treasury expanded secondary sanctions targeting entities and countries maintaining commercial ties with Iran across technology, gold, aviation, shipping and other sectors. Nearly 60 entities, individuals and vessels were sanctioned. Treasury Secretary Bessent stated any entity laundering money for Iran will be cut off from the dollar system, and the economic campaign against Iran will be comparable to the Normandy landings.

Heavy government intervention is approaching US bond markets. The US Treasury is considering deploying nearly USD 1 trillion from the TGA account to fund its doubled bond‑buyback programme to ease liquidity doubts. The TGA acts as the federal government’s checking account held at the Federal Reserve, drawing funds from tax revenues.

After US‑Canada tariff talks collapsed, Trump posted that Canada has taken advantage of the US for years with excessive tariffs on American farm goods and a peRSIstent USD 60 billion bilateral trade deficit, which is unsustainable. Starting January 1, 2027, tariffs on all automobiles, trucks, auto parts and steel will be raised to 50%.

The Trump administration plans to revoke business and tourist visas for up to 200,000 foreign applicants seeking US asylum, which would mark the largest‑ever single‑round visa revocation in US history if implemented.

Iran warned vessels violating Strait of Hormuz navigation rules will face penalties. Yemen’s Houthi militants reported fresh attacks against Saudi oil tankers and other targets. Iran’s currency has tumbled nearly 10% in two‑week hitting record lows, while the central bank governor described depreciation as a “temporary phenomenon”.

Daily candlesticks show upper wicks on both yesterday and today, signalling profit‑taking after new highs. Gold encountered strong resistance near $4700. Near‑term support lies at $4600 and then around the 5‑day moving average at $4586. On daily indicators, MACD positive histogram remains high, and RSI has pulled back close to the overbought level of 70.

On the 4‑hour chart, gold corrected lower after rallying and is consolidating near the lower BOLLinger Band. Short‑term EMA5 and EMA10 have turned bearish. MACD positive histogram keeps shrinking and RSI retreated to around 45. Intraday strategy: watch consolidation within $4600‑4680. A breakout to the upside targets $4690‑4700 or near $4710. Downside targets are $4590‑4580 or around $4570.

Key economic data and events to watch today:

14:00 Germany Final Q2 Non‑Seasonally Adjusted GDP YoY

16:00 Germany August IFO Business Climate Index

20:00 Fed’s Barkin Speaks

20:15 US ADP Non‑Farm Employment Change for the week ending August 8

21:00 US June FHFA House Price Index MoM

21:00 US June S&P/CS 20‑City House Price Index YoY

22:00 US July New Home Sales Annualized

22:00 US August Conference Board Consumer Confidence Index

22:00 US August Richmond Fed Manufacturing Index

04:30(Next Day) US API Crude Oil Stocks for the week ending August 21

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