Gold Above $4,200, Oil Steady: Commodities Face Geopolitical and Macro Crosscurrents
Spot gold is holding above $4,200 per ounce on Friday, August 7, trading at $4,257.88, up 0.43% on the day and 25.27% year-to-date, according to TradingEconomics. The dollar is also rising: the UUP dollar index ETF gained 0.36% to $28.19, near its 52-week high of $28.60. Gold and the dollar moving up together in the same session is the opposite of their usual relationship, which tells you the safe-haven bid is doing heavy lifting. Key Takeaways Spot gold traded at $4,257.88 on August 7, up 25.27% year-to-date, holding above the $4,200 structural support level despite a strengthening U.S. dollar. WTI crude oil is estimated in the $78-$84/bbl range after spiking to a $126/bbl peak during the S…
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