Gold Edges Up After Selloff - Commodities | PriceONN
(RTTNews) - Gold edged up slightly on Friday as oil prices slipped from recent highs above $100 a barrel and the U.S. dollar remained weak despite rising bond yields on inflation concerns.

Market Stabilizes as Commodities Cool

The precious metal gold found a slight footing on Friday, nudging upward after experiencing a significant sell-off in the prior session. This recovery coincided with a retreat in oil prices, which had previously surged past the $100 a barrel benchmark, stoking concerns about energy-driven inflation. While bond yields continued their ascent, reflecting ongoing inflationary anxieties, the U.S. dollar struggled to gain traction, offering a measure of support to bullion.

Spot gold traded up a mere 0.1 percent, reaching $4,055.29 per ounce. This followed a nearly 2 percent drop on Thursday, a sharp move triggered by the escalating cost of crude. U.S. gold futures mirrored this sentiment, showing a 0.2 percent gain to settle at $4,057.60. The market is keenly watching the Federal Reserve's upcoming policy meeting, where interest rates are widely anticipated to remain unchanged. However, futures markets are pricing in a substantial probability, around 82 percent, for a rate hike at the subsequent September meeting, signaling a potential tightening cycle ahead.

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Geopolitical Storm Clouds Gather

Underpinning the market's volatility are escalating geopolitical tensions and trade disputes. Long-dated bond yields are hovering near historic highs, partly influenced by renewed concerns in the Middle East. Adding to the uncertainty, the United States has signaled an expansion of tariffs, imposing duties ranging from 10 percent to 12.5 percent on goods from approximately 60 trading partners. This move, which replaces a temporary global tariff set to expire, impacts major economies including the European Union, the U.K. China, India, Japan, and Canada. The administration cited concerns over forced labor as the justification for these measures, marking a significant escalation in ongoing trade conflicts.

The geopolitical landscape is further complicated by continued military actions. The U.S. has conducted strikes on Iranian targets for the 13th consecutive night. In response, Tehran has launched retaliatory missile attacks against neighboring Arab nations hosting U.S. military installations, reportedly targeting missile systems, weapons depots, and fuel storage facilities in Jordan, as well as American military positions in Kuwait. President Trump has issued stern warnings to both Iran and Yemen's Houthi rebels, threatening severe military consequences following drone and missile attacks on oil tankers in the Red Sea. These attacks, aimed at enforcing a blockade on Saudi Arabia, have drawn a strong response, with Trump vowing a potentially

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