Daily Market Report
➢ Gold Nears $3,400: XAU/USD moves higher ahead of Wednesday’s Fed decision, trading
around $3,392 amid rising safe-haven demand.
➢ US Retail Sales Mixed: May headline sales fell 0.9% (vs. -0.7% expected), the largest drop
in 2024, while the control group rose 0.4%, signaling underlying consumer strength.
➢ Fed Policy Uncertainty: Weak retail sales support the case for rate cuts, but the strong
control group complicates the outlook, potentially delaying easing.
➢ Geopolitical Tensions Escalate: Renewed Israel–Iran hostilities, including missile and
drone strikes, increase demand for safe-haven assets like gold.
➢ Strait of Hormuz Concerns: Fears of disruption to global oil supply due to the conflict are
pushing energy prices higher, boosting inflation risks.
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