Gold Holds Steady Near US$4,400 as Markets Weigh US Data and the Fed

Gold prices remained stable around US$4,370 per troy ounce during Monday's trading (August 17), following a nearly 1% gain the previous week. Market participants are weighing the impact of cooling US economic data against energy-sector inflation risks regarding the Federal Reserve's interest rate trajectory.

Recent US data indicates a softening in consumer sentiment and retail sales. This has helped alleviate concerns that the Fed might soon raise interest rates—a move that typically pressures gold, as the precious metal yields no interest.

However, risks from the energy market continue to loom. The internasional supply outlook remains uncertain following renewed attacks on vessels in the Strait of Hormuz over the weekend, while the US prepares new measures to pressure Iran's economy.

Nevertheless, ships continue to transit the

Nevertheless, ships continue to transit the Strait of Hormuz, with some switching off satellite transponders to evade detection. Iran and Oman also appear to be nearing an agreement on managing this vital waterway, even though the US is not directly involved in those talks.

Regarding market impact, gold has the potential to remain at elevated levels as weak US data dampens expectations for interest rate hikes. However, if energy-related risks drive inflation back up, the Fed could maintain a hawkish stance, capping gains for XAU/USD. Attention now shifts to the minutes of the Fed's July meeting, due for release on Wednesday, as they may offer clearer clues regarding the direction of interest rate policy. (asd)*

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