Gold and US Dollar Slide After June US Inflation Data
Both gold and the US dollar declined across most pairs following the release of June 10 US inflation figures that largely met consensus. Traders also focused on renewed tensions between the US and Iran.
Gold and the US dollar fell in tandem after the June 10 US inflation data largely matched market expectations. The unusual simultaneous decline saw gold weaken while the dollar lost ground against most major currencies.
Market participants also shifted attention to escalating hostilities between the United States and Iran, adding a geopolitical layer to currency and commodity trade. The combination of in-line inflation and renewed geopolitical risk weighed on both assets.
No further details on the magnitude of the moves were provided in the initial report.
Source: FXStreet Forex News