Spot gold extends gains for a third session, supported by easing geopolitical tensions and persistent inflation concerns.
Gold prices climbed for a third consecutive day, trading above $4,100 as hopes for an interim deal to reopen the Strait of Hormuz reduced supply disruption fears. The move eased broader inflation concerns, supporting demand for the safe-haven asset.
The rally follows a weaker-than-expected China Caixin PMI print of 50.4 for July, missing estimates of 53.7, and underscores gold’s appeal amid mixed economic signals. Prior sessions saw gold consolidate near $4,130, its highest level since late June.
Market reaction remained muted in early Asia trade, with investors awaiting further cues from upcoming U.S. inflation data and Fed commentary.