{
  "id": 161185,
  "title": "Gold hits fresh two-week high, eyes $4,150 on fading Fed hike bets, Iran hopes, soft USD",
  "url": "https://urgent.news/2026/08/05/gold-hits-fresh-two-week-high-eyes-4-150-on-fading-fed-hike-bets-iran",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-05T03:54:58.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/gold-rallies-to-two-week-high-as-usd-softens-on-iran-deal-hopes-receding-fed-hike-bets-202608050354"
  },
  "original_language": "en",
  "account": "Gold (XAU/USD) achieved a fresh two-week high, hovering near $4,150, as investors reacted to diminishing expectations of a Federal Reserve interest rate hike and renewed hopes for a US-Iran deal. The potential normalization of relations between the two nations, combined with the reopening of the Strait of Hormuz, tempered the Fed's rate-hike expectations and kept the dollar on the defensive. Despite mixed signals, investors maintained optimism about a diplomatic resolution to the five-month conflict. US Treasury Secretary Scott Bessent even suggested that the US could secure a deal with Iran by Wednesday, potentially leading to a more normalized situation. Additionally, the OPEC+ decision to increase oil production from September helped ease supply concerns and pull crude oil prices to a fresh low since June 13. This, in turn, alleviated inflation worries and hawkish Fed expectations, which were putting pressure on the US Dollar and bolstering gold. However, traders still believed there was a chance the Fed would raise borrowing costs by year-end, as signs of a strengthening US labor market prompted some to advocate for tighter monetary policy. The JOLTS report showed a slight decrease in job openings to 7.36 million, but remained above pre-pandemic levels. Meanwhile, Fed President Jeff Schmid and Philadelphia Fed President Anna Paulson backed the case for higher interest rates to combat inflation. With Friday's Nonfarm Payrolls (NFP) report serving as the primary focus, strategists at BNY noted that the labor market would require only modest monthly gains to maintain steady unemployment levels. The upcoming US economic calendar, featuring the ADP private-sector employment and ISM Services PMI releases, would provide short-term opportunities for traders. Technical analysis indicated a breakout above the 200-period Exponential Moving Average on the 4-hour chart, backed by a strong Relative Strength Index around 65 and a positive MACD histogram, signaling short-term bullish momentum. However, the up-move might face resistance near $4,200, with overbought signals potentially capping upside if buying enthusiasm waned. On the downside, immediate support resided at the 200-period EMA near $4,115, where a break could trigger a deeper correction toward the $4,065 region. Throughout history, gold has served as a store of value and medium of exchange, and currently, it is widely regarded as a safe-haven asset and hedge against inflation and currency depreciation. Central banks, particularly those in emerging economies, have been rapidly increasing their gold reserves, further bolstering the precious metal's significance in modern financial markets.",
  "summary": "Gold (XAU/USD) gains strong follow-through traction for the second straight day and rallies to a nearly two-week top, around the $4,141 area during the Asian session on Wednesday.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}