Gold Struggles to Break Losing Streak Amid Economic Uncertainty and Global Tensions
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Gold prices continue to decline, extending a losing streak of five consecutive days; Gold's most active December contract settles at $2,423, marking a daily decline of $8.60 or 0.35%; Recent volatility in the gold market follows a concerning U.S. employment report revealing an unexpected jump in the unemployment rate to 4.3%, triggering the "Sahm Rule" recession indicator; Analysts maintain a bullish long-term outlook for gold, citing concerns about U.S. economic weakness and a favorable U.S. Real Rate outlook; Geopolitical tensions worldwide, including anti-immigration riots in England, potential crisis escalation in the Middle East, and the ongoing conflict in Ukraine, reinforce gold's role as a safe-haven asset; Gold reaches an intraday high of $2,522 on August 2 before succumbing to selling pressure; Gold's performance will likely remain tied to developments in labor markets, inflation data, and geopolitical events; Short-term volatility persists, but economic uncertainties and global tensions suggest gold will resume its upward momentum; Gold market experiences a fourth consecutive day of decline in August.

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https://www.kitco.com/opinion/2024-08-07/gold-struggles-break-losing-streak-amid-economic-uncertainty-and-global-tensions