Gold Retraces After Testing $4,700 Resistance

Spot gold touched $4,696.82/oz—marking a new high since mid-May and coming within striking distance of $4,700—before encountering overhead selling pressure and pulling back to consolidate near $4,655.

US Treasury Bond Buybacks Support Market Sentiment

The Treasury’s expanded 10-to-30-year bond buybacks (increased from $2B to at least $4B per session) helped depress long-term yields and pushed the US Dollar Index toward three-month lows, offering fundamental backing to bullion amid total public debt topping $40 trillion.

US Expands Secondary Restrictions Targeting Iran

Washington broadened secondary sanctions against nearly 60 Iran-linked entities, individuals, and vessels across tech, gold, aviation, and shipping sectors. Meanwhile, commercial transit through the Strait of Hormuz remains well below pre-conflict averages.

US-Canada Trade Friction Escalates

Tensions flared as the US announced 50% tariffs on Canadian vehicles, auto parts, and steel effective 2027, prompting Canadian Prime Minister Carney to announce retaliatory countermeasures starting September 8.

Key Focus on PCE Inflation Data & Fed Chair Warsh Address

Traders await upcoming US PCE inflation metrics alongside Federal Reserve Chair Kevin Warsh's inaugural Jackson Hole speech for forward monetary policy cues. Technical support holds between $4,635–$4,650, while key resistance sits at $4,700.