{
  "id": 98668,
  "title": "Gold slips as USD rebounds, strong ISM data clouds Fed path",
  "url": "https://urgent.news/2026/08/03/gold-slips-as-usd-rebounds-strong-ism-data-clouds-fed-path",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-03T19:17:11.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/gold-slips-as-usd-rebounds-strong-ism-data-clouds-fed-path-202608031917"
  },
  "original_language": "en",
  "account": "Gold prices dipped on Monday as the US Dollar (USD) gained strength, despite a temporary halt in Middle East conflicts due to Iranian and other Middle Eastern countries' requests. The XAU/USD pair traded at $4,037, a 0.12% decrease compared to the previous session. The US Dollar rebound followed an intervention by US and Japanese authorities, which also impacted the Japanese Yen. However, geopolitical tensions surrounding Iran dominated economic discussions, overshadowing other data releases. US President Donald Trump claimed that the Iran conflict was progressing favorably, although he criticized the Iranian leadership for threatening talks while refusing to engage in them. The US Navy maintained a blockade on Iran until the country abides by the terms of a nuclear deal, including a permanent cessation of nuclear weapons and allowing free passage through the Strait of Hormuz. The Institute for Supply Management (ISM) reported a significant increase in the Manufacturing Purchasers Managers Index (PMI) in July, reaching 55.6, surpassing market expectations of 54. This uptick in manufacturing activity, coupled with persistent high input costs and sustained demand, indicates a resilient jobs market. Meanwhile, oil prices declined, leading to a more measured stance from the Federal Reserve. Experts now anticipate around 22 basis points of rate hikes by the end of 2026. The Fed's previous meeting saw three dissenting votes for a 25-basis-point increase, expressing concerns that delaying interest rate hikes may help keep inflation above the 2% target. The upcoming week will feature several US economic reports, such as the ADP National Employment Change, Job Openings and Labor Turnover Survey (JOLTS), jobless claims, and Nonfarm Payrolls data. Gold prices struggled to find momentum and traded below the $4,100 level since mid-last week, as shown by a weakening Relative Strength Index (RSI). The asset's structure, characterized by lower highs and lower lows, and its position below the 200-day Simple Moving Average, suggest further short-term declines. The first support level for gold is at the July 24 low of $4,022, while a break below this point could expose the precious metal to the psychological level of $4,000 and the June 17 low of $3,959. For gold to continue its upward trend, prices must surpass $4,100, targeting the July 22 high of $4,165, with a potential test of the 50-day Simple Moving Average near $4,185. To the west, gold continues to serve as a store of value, medium of exchange, and safe-haven asset during turbulent times. Central banks, particularly from emerging economies like China, India, and Turkey, have significantly increased their gold reserves, indicating confidence in gold's role as a hedge against inflation and currency depreciation.",
  "summary": "Gold (XAU/USD) price retreats on Monday as the US Dollar (USD) recovers some ground, even though hostilities in the Middle East paused at the request of Iran and other Middle Eastern countries, according to US President Donald Trump. The XAU/USD pair trades at $4,037, down 0.12%.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Australian Dollar slips after upbeat US ISM Manufacturing data",
        "url": "https://urgent.news/2026/08/03/australian-dollar-slips-after-upbeat-us-ism-manufacturing-data",
        "published": "2026-08-03T15:22:42.000Z"
      }
    ]
  },
  "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."
}