Gold Prices Poised for First Monthly Gain in Five Months Amid Middle East Tensions

Gold targets first monthly rise in five months as Middle East concerns offset weak GDP data and steady Fed rates, with dollar weakness providing partial support.

Woofun AI reports that gold prices are on track for their first monthly increase in five months, driven by investor focus on Middle East developments despite a Friday decline. Sukdun analysts note that precious metals rebounded due to dollar weakness following weak GDP data, though the trend lacks conviction given stable U.S. Treasury yields.

Additionally, the Federal Reserve maintained interest rates at its July meeting, with Chairman Waller offering limited guidance on future policy.