Gold pulls back slightly from its highest level since mid-May, touched during the Asian session on Monday, though it manages to hold above $4,600. Diminishing odds of an immediate Fed rate hike continue to undermine the US Dollar despite further escalation of US-Iran tension and inflation risks stemming from higher oil prices. This continues to underpin the non-yielding bullion, though bulls seem hesitant ahead of key US inflation data and Fed Chair Kevin Warsh’s speech at the Jackson Hole Symposium later this week.
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