05-Aug-2025      14:49

Gold retreats from 1-week high ahead of key US data releases

Gold prices slipped to around $3420 an ounce in the Asian session on Tuesday as investors booked profits after three consecutive sessions of gains. The retreat came after prices touched a near one-week high, supported by rising expectations of a US interest rate cut in September. A firmer US dollar, with the dollar index up 0.25% to 98.83, also pressured the metal. Meanwhile, markets are awaiting key US data releases, including the ISM PMI and June trade figures, for further clues on the Fed's policy path. Geopolitical tensions, including US threats of higher tariffs on India and a temporary pause in EU-US trade retaliation, continue to underpin gold's safe-haven appeal. MCX October gold futures traded lower by 0.3% at ₹100915 per 10 grams.

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