ProShares Ultra Gold

UGL

Market cap $636M

Gold breaks above its descending trendline as central bank buying offsets Fed uncertainty. See the latest outlook for XAUUSD and XAGUSD.

Gold edged higher in Asian trade. Physical demand for the metal, particularly in China, and central bank buying are underpinning the gold market, ANZ said.

Spot gold and silver prices are modestly higher in late-afternoon U.S. trading Monday, as short covering helped metals stabilize after last week's selloff, while higher Treasury yields, a firmer U.S. dollar and elevated crude oil prices capped the rebound.

Gold is massively oversold by every meaningful metric and is likely to set a cyclical bottom before September, while currency debasement is the fundamental driver that will push gold to its next all-time high, according to Paul Wong, managing partner and market strategist at Sprott Inc.In a recent interview, Wong told Kitco News that gold tends to find support when prices fall to 90% of the 200-day moving average – and we've well overshot that at this point – but there are other reasons to expect a rebound by late summer.

Interest rates are still the key driver for precious metals prices even as the conflict between the United States and Iran escalates further, with gold and silver facing continued downside risk, according to Rhona O'Connell, Head of Market Analysis for EMEA & Asia at StoneX.

Stronger dollar put additional pressure on gold markets in today's trading session.

Gold is caught between Iran war demand and rising rate pressure as higher oil, firm yields and a stronger dollar cap the metal's upside.

The gold market has bounced a bit during the early part of the trading session on Monday, as we continue to see the death cross loom large. At this point in time, the market still watches several things at once.

Gold prices aren't benefiting from lower rate hike expectations because market participants are worried about the Iran conflict, while India's new import controls are causing 10% price premiums on domestic silver even as demand languishes, according to precious metals analysts at Heraeus.In their latest update, the analysts noted that gold prices have remained trapped in a $250 range since the last Fed meeting.

(Kitco NewsWire) - Spot gold prices are slightly lower and spot silver prices are higher ahead of the North American market open Monday, as renewed U.S.-Iran escalation pushed crude oil back above $90 a barrel and kept Treasury yields firm, limiting gold's safe-haven response. At the time of writing, spot gold was trading near $4,012.00 an ounce, down 0.13%, while spot silver was trading near $56.73, up 1.62% on the session.