Gold holds near $4,360 as traders weigh Fed path, Hormuz talks
What's new: Bullion stayed on track for a second weekly gain after briefly topping its 100-day moving average for the first time since April.
Gold was little changed at about $4,359 an ounce in Singapore trading after slipping back below $4,400, as investors weighed the Federal Reserve's rate path and prospects for a deal to reopen the Strait of Hormuz. The metal remained headed for a second straight weekly gain even after retreating from a 10-week high on Thursday. A softer US inflation reading suggested the impact of energy-price shocks from the Iran war faded in July, easing pressure on the Fed to tighten more aggressively. Markets are pricing roughly a one-in-three chance of a September rate increase. OCBC strategist Christopher Wong said the macro backdrop had improved, but warned positioning and technical momentum looked stretched.