Gold Prices Face Pressure Amid Global Uncertainty

Gold may be at risk of a sharper price correction as its recent upward momentum shows signs of weakening in the face of ongoing global uncertainty. Without fresh catalysts to sustain the rally, investors are becoming more cautious, especially as several critical international events loom that could significantly influence the precious metal’s trajectory.

Global Events Could Shift Market Direction

Traders are closely watching the conclusion of U.S. trade negotiations, with the July 9 deadline for potential customs tariffs fast approaching. Any breakthrough or breakdown could ripple through commodity markets. Meanwhile, the upcoming European Central Bank forum is expected to provide important clues about future monetary policy. Federal Reserve Chair Jerome Powell and a number of central bank governors are scheduled to speak, and their remarks may shape expectations for interest rate cuts or continued tightening.

Beyond policy talk, this week’s economic calendar is packed with influential data releases. U.S. jobs numbers, inflation figures from the Eurozone, and economic activity reports from China, Germany, Japan, and Australia are all set to drop. Each of these indicators could sway global risk appetite and influence demand for safe-haven assets like gold.

Gold and Silver Prices on the Ground

On the ground, domestic market prices remain elevated but stable. The price of 24-karat gold stood at KD 32.32 per gram, approximately USD 99, while 22-karat gold was priced at KD 29.62 per gram, or around USD 91. Silver reached KD 402 per kilogram, equal to roughly USD 1,313.

As a point of reference, one troy ounce—the standard unit used in global precious metals trading—weighs 31.103 grams. While prices have held firm so far, further movement will likely depend on how the macroeconomic and policy landscape evolves in the coming days. For now, gold’s outlook hangs in the balance, with market sentiment finely tuned to the next major shift.

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