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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid global market anticipation of central bank policies, spot gold prices held steady near $4,330 per ounce as safe-haven demand was balanced by a firmer US dollar. Markets are now awaiting the release of the US Consumer Price Index (CPI) report for May, scheduled for this coming Wednesday, which will be critical for interest rate projections. According to reports, geopolitical tensions in the Middle East, specifically around the Strait of Hormuz, are providing price support and limiting the impact of rising rate hike expectations.
This stability comes as precious metals face mixed pressures, with a recent strong US jobs report boosting the dollar index and making gold more expensive for other currency holders. In comparison to other economic indicators, the Eurozone reported a 3.2% annual inflation rate for June per market data, adding to global uncertainty regarding the pace of rate cuts. Furthermore, economic data such as JOLTs Job Openings reaching 7.618 million highlights a resilient US labor market, which typically diminishes the appeal of non-yielding assets like gold.
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Sign InAt the close on June 8, 2026, gold remained at the $4,330 level, with traders monitoring nearby technical support levels. Looking at the economic calendar, investors are focusing on Wednesday's US inflation data as the primary upcoming catalyst, alongside scheduled speeches from Federal Reserve officials this week. Developments in the Strait of Hormuz remain a pivotal factor that could drive prices to test new resistance levels should military tensions escalate.