XAU/USD slips 0.2% to $4,641 as geopolitical risks fade and US economic indicators send mixed signals.
Gold prices fell 0.2% to $4,641 as easing Middle East tensions reduced haven demand, with buyers failing to breach the $4,700 resistance level. The retreat followed reports that US naval operations cleared shipping lanes in the Strait of Hormuz, cooling geopolitical risks.
The yellow metal’s advance stalled amid overbought RSI signals and mixed US economic data. July building permits surged 4.3% to 1.433 million, beating estimates, while ADP employment data showed a 4-week average of 11.75K, up from 9.5K. However, consumer confidence missed forecasts at 90.2.
Boston Fed’s Susan Collins underscored persistent inflation concerns, reinforcing a hawkish stance despite signs of labor market strength.