KVB Market Analysis | 5 August: Gold Declines in Early Asian Session Amid Profit-Taking and Market Uncertainty
Gold declined in the early Asian session due to profit-taking after hitting a record high on Friday. The US NFP report showed only 117K new jobs in July, below the expected 175K, signaling a potential increase for XAU/USD. Annual wage growth slowed to 3.7%, easing inflation fears and boosting Fed rate-cut prospects. Rising tensions between Iran and Israel have also increased gold’s safe-haven appeal.
Crude Oil Prices, NOK, CAD May Rally on Saudi Aramco Drone Strike
Crude oil prices, the Norwegian Krone and Canadian Dollar may rally after a drone struck Saudi Arabias Aramco oil processing facility and sparked supply-disruption fears.
Yen May Sink as US-China Restart Trade Talks, Can Crude Oil Rise？
The Japanese Yen may weaken as markets digest US-China restarting trade talks after the G20 Summit. Will this offset crude oil price declines as EU cooled Iran supply disruption fears？
