Breaking: Gold extends rally to fresh all-time highs above $2,050

Eren Sengezer FXStreet

The troy ounce of the precious metal extended its relentless rally on Wednesday and touched a fresh all-time high of $2,055 during the American trading hours. As of writing, the XAU/USD pair was up 1.7% on a daily basis at $2,054.

The broad-based selling pressure surrounding the greenback continues to boost gold. With Wednesday's macroeconomic data releases from the US providing a boost to sentiment, the US Dollar Index slumped to a daily low of 92.58.

The ADP Employment Change for July came in at 167K and missed the market expectation of 1.5 million by a wide margin. However, June's reading of 2.3 million got revised up to 4.3 million. On the other hand, the ISM Services PMI improved from 57.1 in June to 58.1 in July to show an expansion in the service sector's economic activity at a robust pace.

Reflecting the upbeat market mood, Wall Street's main indexes are up between 0.4% and 1.1% on the day and the 10-year US Treasury bond yield is gaining nearly 9%.

US Data Analysis: Big jobs number? Negative NFP looks more likely, trends could extend in gold, dollar.

"Big jobs number on Friday" – said President Donald Trump to Fox News and the public ahead of July's all-important Non-Farm Payrolls report.

It doesn't look that way – the NFP could be a small number or even negative.

Gold: Further push higher to $2075/80 – Credit Suisse.

Gold extends its move to a new record high as the yellow metal has surged above the $2030 mark. Strategists at Credit Suisse look for a further push higher to the next flagged resistance at $2075/80, but then finally some consolidation. Weakness from here though, if indeed seen, will still be viewed as temporary and corrective.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD struggles below 1.1800 ahead of US data, Fedspeak

EUR/USD remains trapped in a tight range below 1.1800 in the European session on Tuesday. The pair struggles amid a modest US Dollar strength and an improvement in risk sentiment, even as US tariff uncertainty lingers. The focus now remains on the US data and Fedspeak.

GBP/USD stays defensive below 1.3500 as USD firms up

GBP/USD stays on the back foot below 1.3500 in the European trading hours on Tuesday. The pair declines as the US Dollar rebounds from losses recorded over the previous two sessions. Traders will focus on the US weekly ADP Employment Change and Consumer Confidence data due later in the day, along with speeches from Federal Reserve officials.

Gold holds pullback below $5,200 amid USD uptick

Gold holds moderate losses below $5,200 in European trading on Tuesday, though it lacks follow-through selling. Following the previous day's knee-jerk fall in reaction to US President Donald Trump's new global tariffs and the subsequent bounce, the US Dollar attracts fresh buyers ahead of mid-tier data and Fedspeak.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.

AI-scare trade and tariff uncertainty takes hold

It was quite a day, with AI-disruption fears and tariff uncertainty triggering a risk-off session. By now, it's nearly impossible to have missed the Supreme Court's 6-3 decision that struck down US President Donald Trump's reciprocal tariffs last Friday.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.