Gold (XAU/USD) advances some 0.75% on Tuesday as Oil prices fall, along with US Treasury yields.
Also, an improvement in risk appetite propelled the yellow metal to a two-day peak of $4,106
XAU/USD advances as Hormuz reopening hopes weigh in Oil, ease inflation pressures The US Dollar Index (DXY), which tracks the buck’s value against six other currencies, is down 0.05% amid growing speculation for a reopening of the Strait of Hormuz. Recently, an Iranian Foreign Ministry spokesperson said that Iran and Oman continue talks on the Strait of Hormuz, as reported by IRIB. Tehran is reportedly weighing whether to allow Europe to clear mines in the Strait, while US President Donald Trump reposted an article from August 2, titled “Trump: Deal is imminent as Iran talks restart Monday on denuclearisation.” In June, the US Job Openings and Labor Turnover Survey (JOLTS) declined from 7.537 million to 7.359 million, missing the forecast of 7.4 million.
The low number of layoffs indicates minimal firing and hiring activity, with roughly one vacancy per unemployed person, signaling a balanced labor market. The US Commerce Department reported that the trade deficit for June decreased from -$77.6 billion to -$73.3 billion, slightly higher than the estimate of -$73 billion. Now eyes are on the ADP Employment Change for July, with private companies expected to have hired 70K people, down from the 98K jobs created in June.