Breaking: Gold price yields a break above $1800, focus shifts to US ISM

Gold price is accelerating its upbeat momentum, finally yielding a firm break above the $1800 mark, as it refreshes three-week highs.

The persistent downbeat mood around the US dollar continues to bode well for the USD-denominated gold price. The dollar bears the brunt of the uncertainty over the US Federal Reserve’s (Fed) next monetary policy move, especially in light of an NFP beat and a rise in the Unemployment rate to 5.9% in June.

Meanwhile, Euro area reopening optimism weighs on the dollar’s haven demand, adding to gold’s upside. Concerns over the delta covid variant flareups in Asia and its impact on the global economic recovery also continue to underpin gold’s safe-haven appeal.

more to come ...