Gold price (XAU/USD) drifts higher on Friday as the Greenback stands firm, even as growing speculation that the US-Iran war may last longer than expected could, in the end, hurt the prospects of the yellow metal. The XAU/USD trades at $4,065, up 0.38%.
Preliminary HCOB Manufacturing Purchasing Managers’ Index (PMI), in the oldest continent, expands at a faster pace to 52.0 in July from June’s figure of 51.4. The manufacturing activity was anticipated to expand but at a moderate pace to 51.3.
OCBC’s Sim Moh Siong and Christopher Wong note Gold has retreated back toward USD 4,040/4,050 after briefly trading above 4,160 as Brent surged past USD100 and the Dollar and US yields climbed.